The survey showed that the German chemical industry was hit by the soaring natural gas price

According to a survey, Germany's chemical industry(Siemens 6ES7134-6HD00-0BA1 ET 200SP, ABB FS450R12KE3/AGDR-71CS IBGT, Allen Bradley 1756-PA75 POWER SUPPLY) has been hit hard by the surge in natural gas prices.

According to a report released by the Munich based IFO Economic Research Institute on Tuesday, the conflict between Russia and Ukraine "further exacerbated the tension in the industry". Business expectations in July dropped to negative 44.4 points, compared with positive 11.8 points in the same month of 2021.

The price of natural gas in Europe is more than twice that before the conflict between Russia and Ukraine began at the end of February. The trading price of European TTF natural gas futures on Tuesday was about 190 euros (195 US dollars) per megawatt hour.

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