Iranian domestic billet prices witness sharp increase

This week, approximately 98,300 t billets were traded at IME, at an average price of IRR 67,890/kg ($353/t), excluding 9% VAT. The sharp increase in billet offers was a result of a sudden depreciation of IRR to the $ on Wednesday; 24 Jun’20. Steelmakers raised offers to keep IRR-based prices in line with $-denominated, globally traded billet prices.