Domestic billet prices in Iran have gave way to an upward movement over the past week, increasing from $440/mt ex-works recorded at the beginning of last week to $500/mt ex-works, both including nine percent VAT. The sharp increase in the local Iranian billet market is caused by the depreciation of the Iranian riyal against the US dollar as well as the low inventory levels of buyers. Meanwhile, market sources state that the sharp rising trend following the previous downward movement has caused uncertainties in the local Iranian billet market.