New orders received in the German steel market decreased 12 percent in the second quarter of this year compared to the first quarter, according to the German steel federation Wirtschaftsvereinigung Stahl (WV Stahl). In the second quarter this year, new orders in Germany fell by 0.6 percent year on year to 9.08 million metric tons. A more significant downward movement in new orders is not expected by the federation at this stage.
In the second quarter, orders from Germany's domestic market fell 12.2 percent compared to the first quarter and were down 3.65 percent year on year, totaling 5.6 million metric tons, while foreign orders fell by 11.1 percent quarter on quarter and were up by 4.8 percent compared to the same period of the previous year, amounting to 3.5 million metric tons. Meanwhile, in June this year the order books in Germany amounted to 7.8 million mt, decreasing by 10.3 percent from the last month of the previous quarter (March) and down 6.8 percent year on year.
According to the federation, based on the economic uncertainty, investment plans in Germany have been deferred, while inventories have been reduced by dealers and processors.