Germany

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Electricity prices increased in most of Europe in December 2022

In 2022, the highest average monthly wholesale price in the EU was in August

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European steelmakers reduced steel production in November 2022

In Germany, steel output fell by 11.8% m/m, in Italy – by 7.9% m/m

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Germany cut steel production by 18% y/y in November 2022

In 11 months of 2022, German steelmakers reduced steel production by 7.9% y/y

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The reduction of electricity costs made it easier for German steelmakers

The autumn months adjusted the cost of electricity by an average of €300 MWh from the peak price in August 2022 – to €150 MWh

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Germany has already spent €440 billion to combat the energy crisis

This figure is already almost comparable to approximately €480 billion, which the country has directed since 2020 to protect its economy from the impact of the coronavirus pandemic

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Electricity prices in the EU have risen sharply due to wind energy forecasts

The base price of electricity in Germany for the day ahead on December 8 increased to €425/MWh

Electricity prices in Europe rose in November due to cold weather

European prices in late November and early December were also affected by the decline in wind power capacity

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The German government agreed on the details of the scheme for overcoming the energy crisis

From 2023, industry will receive 70% of annual gas consumption at a price of 7 euro cents/kWh

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Steel sales in Germany fell to a 10-month low in October

Inventories of steel products of all categories also decreased in October by 1% y/y – to 2.16 million tons

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Some European countries increased steel production in October 2022

In France it increased by 14.7%, in Germany – by 10.5%

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Germany reduced steel production by 14.4% y/y in October 2022

In 10 months of 2022, German steelmakers reduced steel output by 6.9% y/y

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German steelmakers expect further decline in steel prices and stocks

Amid correction in energy prices and weak demand, steel prices are forecast to decline during November

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