If much/any of this continued drawdown in SEA physicals is headed for SHFE I'd expect it to start showing up there very soon (i.e. start by, say, end this week, with continuation next week and thereafter). If it doesn't, or if not nearly enough tonnage shows up there, then that would suggest that it's going directly to SEA commercial users who are prolly stockpiling (my preferred thesis). Can't imagine any of it is going to Europe, given they're current available stockpiles. Stranger things have happened, I guess...
our little company Poseidon not for so long, page-393
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