According to the report, Egypt's benchmark steel producer, Ezz Steel, has reduced its domestic ex-mill rebar prices by 12.5% to EGP 40,700/tonne ($754.8), down from EGP 46,500/tonne, including 14% VAT. This price cut is attributed to the appreciation of the Egyptian pound and lower iron ore prices.Previously, in late February, Ezz Steel had reduced its domestic ex-mill rebar prices by 12% to EGP 46,500/tonne, from EGP 53,250/tonne, including 14% VAT.Other major Egyptian producers, such as Suez and El Marakby, have followed suit, setting their new rebar prices at EGP 40,500/tonne. However, some producers are still assessing the market and have yet to announce their revised prices.The report notes that the convergence of the official and black market exchange rates, following Egypt's pound devaluation last month, has contributed to the decrease in prices. The black market exchange rate has risen from EGP 53 to EGP 48 per USD, aligning with the official rate of EGP 47.3. A senior mill official explained that with banks now financing the import of raw materials, the black market rate has become less relevant, leading to greater economic stability.Despite the decline in domestic rebar consumption in February by 31.4% on-month, the year-on-year figure increased by 12.1% to 487,600 tonnes, according to El Marakby Steel's chief business development officer.The report also highlights that Egypt's financial security has received a boost, with foreign currency reserves increasing to $40.3 billion by the end of March, compared to $35.3 billion in February. This significant increase has strengthened Egypt's economic position and supported the country's development initiatives, including the $35 billion Ras El Hikma urban, commercial, and tourism centre project, which was finalized in February.