European hot-rolled steel prices remained stable, and spot market trading activity gradually recovered. After the New Year, the European spot market experienced weak buying interest, only showing signs of recovery mid-month.

Due to factors such as Carbon Border Adjustment Mechanism (CBAM), strict import controls, firm coal and iron ore prices, and steel mills' firm pricing stance, downstream users recognized that expecting price declines was unrealistic.

Therefore, some suppliers experiencing shortages replenished their stocks, but they only purchased as needed, unwilling to build large inventories. Import activity remained sluggish, but considering the associated costs of CBAM and quota risks, their economic appeal was limited.