Iran: Billet prices remain supported due to cost pressure, weak demand weighs on rebar

• Iran's billet prices climbed by 21,500 rials/kg ($16/t) to 470,000 rials/kg ($357/t) on 2 Feb'26, while rebar prices rose by 40,000 rials/kg ($30/t) to 600,000 rials/kg ($456/t).
• Billet prices increased on rising upstream costs, higher DRI prices and steady export demand tightening supply despite cautious domestic trading.
• Rebar prices improved despite exchange trading restrictions, and a wait-and-see sentiment pressured prices, even as overall market fundamentals remained cost-supportive.