Early last week, prices in the local Iranian rebar market increased due to the fluctuations of the local currency versus the US dollar, but the higher prices were not supported by demand. Since October 16, prices have decreased by $7.5/mt on average to $535-575/mt ex-works, including nine percent VAT, due to the ongoing weakness of demand and also impacted by the softening of domestic billet prices in the country. Market sources state that Iranian sellers are willing to offer discounts in order to accelerate their sales, as they have concerns that producers’ prices may decrease further.