Covestro shares led the DAX with an increase of 8.1 percent, followed by BASF with 6.5 percent. WACKER CHEMIE, LANXESS and Evonik led the MDAX with price jumps of up to 7.3 percent.
In the steel sector, the shares of thyssenkrupp rose by 5.4 percent, while Salzgitter was at the top of the SDAX with a premium of 7.9 percent. In addition, the HeidelbergCement stocks in the DAX were among the big beneficiaries with an increase of 4.3 percent.
Traders attributed the price gains to the proposals of the Gas and Heat Expert Commission, which are likely to be of great importance for heavy industrial energy consumers. According to the draft, from the beginning of March 2023 until at least the end of April 2024, a gas and heat price brake should apply, which provides for a gross price guaranteed by the state for a basic quantity of gas. The chairmen of the commission handed over their proposal to Chancellor Olaf Scholz on Monday.
As the Commerzbank experts wrote in a first comment, industrial customers should have a quota of 70 percent of their consumption in 2021 at a fixed price of 7 cents per kilowatt hour from January 1, 2023. Commerzbank experts Bernd Weidensteiner and Ralph Solveen said that a one-off payment would only apply to the deductions for all gas customers with the exception of industry and electricity producers. They estimate that the inflation rate in the coming year would be a good one percentage point lower as a result of these measures.
The chemical industry in particular is considered to be a particularly large energy consumer. According to Commissioner Michael Vassiliadis, the gas price brake as a whole will cost 90 billion euros. 5 billion euros are estimated for the discount in December, according to the chairman of the industrial union for mining, chemicals and energy (IG BCE). The brake from 2023 should cost 60 billion euros to relieve the industry alone.
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Image sources: BASF SE, LANXESS