Iran: Billet, rebar prices rise on currency fluctuations, higher base prices

• Weak demand limits further price gains
  
  
• Squeezed mill margins weigh on sentiment
  
  

Iranian billet prices increased by 26,500 rial/kg ($17/t) w-o-w to 718,500 rial/kg ($452/t), while rebar prices rose by 10,000 rial/kg ($6/t) to 790,000 rial/kg ($497/t). The gains were largely driven by exchange-rate fluctuations and higher stock exchange base prices.

Billet prices benefited from improved export economics amid a weaker rial, while higher rebar base prices, coupled with currency movements, supported rebar values. However, weak finished-steel demand and squeezed mill margins continued to limit further price gains.