Today's observation 4-23: International molybdenum prices rise first, steel invites demand for ferromolybdenum to follow up

【International Molybdenum Oxide Price Rise】

　　 Yesterday, the international molybdenum price began to enter an upward channel at 11 US dollars per pound of molybdenum. The mainstream transaction price of molybdenum oxide in Tianjin Port climbed slowly from US$11,11.05, and 11.1 per pound of molybdenum. The price of molybdenum oxide in Busan Port increased from 11.1, 11.15, and 11.2 US dollars per pound of molybdenum to continue to be concluded. The tentative quotation of some holders was raised to 11.3 US dollars per pound of molybdenum, but the deal failed.

　　 The recent increase in international molybdenum oxide prices has a certain relationship with the purchase of ferromolybdenum from Korea by a large Indonesian steel company the day before. The stocks of the Korean iron molybdenum companies purchased by the steel companies have quickly reached the bottom, and they need to replenish raw materials from the market in a timely manner. International molybdenum oxide prices have therefore benefited.

　　【U.S. dollar exchange rate weakened】

　　 In recent days, the US dollar exchange rate has weakened, and international molybdenum oxide has therefore been supported. Yesterday night, the onshore dollar exchange rate against the renminbi was 6.49, down from the high of 6.55 in early April.

　　 The previous market's expectation that the U.S. dollar might raise interest rates faster than expected made the U.S. dollar index soaring, and the global financial market experienced a slight volatility. Fed officials have recently made a dove to appease market sentiment, and the US dollar has fallen.