The backwardation continues to attract metal into the system but in keeping with recent patterns the vast majority of fresh arrivals continue to hit the US locations.
With the most recent big tranche of cancellations—the 10,000t at Gwangyang—yet to move, draws have been very modest indeed over the last couple of reporting days.
Monday was a better day for fresh cancellations with a total 2,325t moving into this category but an overall ratio of cancelled tonnage at 3.9% is nothing to get excited about.
The three largest concentrations of cancelled tonnage are at Gwangyang (10,300t), Singapore (6,075t) and Sweden (5,625t). Yesterday's action at Baltimore lifts cancelled tonnage at this east coast US location to 2,100t and across the US as a whole to 4,025t.
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