SteelOrbis has been informed that the rises seen in global scrap and billet prices as well as the depreciation of the Iranian rial against the US dollar over the past week have pushed domestic billet prices in Iran up sharply in the given period. During the past week, domestic billet quotations in Iran have increased by $45/mt on the lower end and by $40/mt on the upper end to $510-515/mt ex-works, including nine percent VAT. Due to the sharp rise seen in prices, Iranian buyers are concluding domestic billet purchases only in line with their needs.