Arbitrage-driven capital flows have stimulated increased trading activity at destination markets, while spot trading at production sites has also gradually picked up. However, constrained by full order books at manufacturing plants—and lingering concerns regarding inefficient pickup logistics—a portion of the spot trading at production sites is currently being fulfilled through off-site factory inventories. In the short term, the pace of price decline at production sites lags somewhat behind that of consumption centers; nevertheless, when viewed against the broader supply-and-demand landscape, there are clear indications that spot prices at production sites are trending in tandem with the wider market.
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