Iran: Billet, rebar prices rise as rial weakness drives steel market higher

• Higher rebar prices improve billet buying interest
• Rising global steel, iron ore prices influence market

Iranian billet prices increased by 86,500 rial/kg ($54/t) w-o-w to 805,000 rial/kg ($499/t), while rebar prices rose by 110,000 rial/kg ($68/t) to 900,000 rial/kg ($557/t). The increases were primarily driven by a weaker rial and higher exchange rates, which lifted domestic steel prices after months of price suppression.

Rising global steel prices and firm billet and iron ore values also provided support, while higher rebar prices improved buying interest for billet and slab among downstream producers.