Early last week, prices in the local Iranian billet market were at $440-500/mt ex-works including nine percent VAT, and increased to $490-500/mt ex-works, including nine percent VAT, by the middle of the week. However, following the regulations issued by Iran’s Ministry of Industry, Mine and Trade regarding direct reduced iron (DRI) prices in the country, domestic billet prices have declined to $460-470/mt ex-works, including nine percent VAT. Market sources state that the price trend in the market is still unclear due to the regulations in question, though they expect that prices will soften further in the coming days.