Germany - Latest news GMK Center

In monetary terms, exports increased by 9.5% y/y in connection with the increase in scrap metal prices

In 2022, German steelmakers reduced steel production by 8.4% y/y

The economic situation was affected by the increase in energy prices and the war in Ukraine

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

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

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

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

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

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

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

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

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