Iran billet prices remain stable w-o-w while rebar gains despite weak demand

• Holidays kept Iran’s steel market largely subdued
• Aggressive mill competition limited finished steel price gains

Iran’s billet prices remained stable w-o-w at 670,500 rial/kg ($431/t), while rebar prices increased by 10,000 rial/kg ($6/t) to 725,000 rial/kg ($466/t). The divergence reflects weak finished-steel demand and limited market activity amid holidays and a weaker exchange rate. Rebar demand remained subdued, while aggressive competition among mills and a narrowing billet-rebar spread constrained price gains.

Billet, however, found support from strong export demand, with buyers awaiting the end of holidays. Stable iron ore prices and uncertainty around the Strait of Hormuz also provided some support to billet and steel prices. Overall, market sentiment remains cautious, with exchange-rate movements expected to remain a key price driver.