Iranian billet prices declined by 26,000 rial/kg ($18/t) w-o-w to 578,500 rial/kg ($396/t) on 22 June, pressured by expectations of a stronger rial following improving Iran-US relations, which reduced export competitiveness and weakened demand from both domestic and overseas buyers. Market participants largely postponed purchases in anticipation of further price declines, contributing to slower trading activity.
Rebar prices also softened by 5,000 rial/kg ($3/t) to 670,000 rial/kg ($459/t), reflecting weaker construction demand and reduced buying interest amid a lower exchange rate environment. Market sentiment remained subdued due to liquidity constraints, disruptions in money circulation across the economy, and uncertainty over the near-term economic outlook. Additionally, falling global steel and raw material prices, supported by lower freight and energy costs, added further downward pressure on domestic steel values.
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