European hot-rolled coil (HRC) prices remained stable on February 14, with sources expressing increasingly optimistic outlooks on price trajectory despite lingering uncertainty. Market participants pointed to recent US tariffs and upcoming elections in Germany as bullish factors, while import interest remained low. Demand is restarting in various regions, but Germany is seeing less activity as buyers postpone big bookings until after the election.

A seller source noted increased activity for inquiries, with bids moving closer to asking prices, indicating building momentum. Platts assessed the Northwest European domestic HRC price at €600 per tonne ex-works Ruhr and the South European domestic HRC price at €595 per tonne ex-works Italy, both stable. Import HRC prices were assessed at €545 per tonne CIF Antwerp and €545 per tonne CIF Italy, unchanged as offers remained too high to spark buying interest.

Despite stable fundamentals, sentiment remains bullish, with expectations of price increases due to limited imports and potential shortages when import duties take effect. The market also saw further debate surrounding the upcoming Carbon Border Adjustment Mechanism (CBAM), with Eurofer calling for major improvements to the legislation to protect against carbon leakage. Platts assessed Northwest European hot-rolled coil carbon-accounted at €670 per tonne ex-works Ruhr, stable on the day, with growing interest for material in long-term contracts.