Iran: Domestic billet prices surge at IME

This week around 109,500 t billets were traded at Iranian Mercantile Exchange (IME) at an average price of IRR 80,900/kg ($365/t), up IRR 16,022/kg against 1 Jul’20. The base price reported was IRR 59,923/kg ($270/t). Since, last week, no billets were traded, the domestic demand-supply gap got widened resulting in the sharp price hike.