While prices in the local Iranian billet market were at $460-470/mt ex-works early last week, they increased to $475-490/mt ex-works by the middle of the week due to lower billet supply. However, since then, domestic billet prices have once again declined to $460-470/mt ex-works as the result of the downward pressure on prices originating from the weakness of long steel demand. All prices include nine percent VAT.