Asian rebar prices extended losses Tuesday, as Chinese cargo offers dropped dramatically in the regional markets of Hong Kong and Singapore.

S&P Global Platts assessed 16-20 mm diameter BS500 rebar at $426/mt FOB China actual weight, down $13/mt on the day

In the Beijing retail market, spot 18-25 mm diameter HRB400 rebar was assessed at Yuan 3,495/mt ($500/mt) ex-stock actual weight, including 13% value added tax, down Yuan 5/mt from last trading day. No deal was concluded during the day, three local traders said.

In Hong Kong, offer was received from a Chinese mill at $440/mt CFR Hong Kong actual weight March or April shipment, down $15/mt on the day, according to a stockist. This offer was equivalent to $426/mt FOB China actual weight, assuming freight of $14/mt, after normalization for quality and quantity to Platts assessment standards.

“Market demand in Hong Kong was weak due to the outbreak,” a stockist said.

In Singapore, an offer was heard for Chinese cargo at $435/mt CFR Singapore theoretical weight for April shipment, down $10/mt on the day, two fabricators said. The price was equivalent to $428/mt FOB China actual weight, assuming freight of $20/mt and 3% weight tolerance after normalization of quantity and shipment period to Platts assessment standard.

An indicative offer for Chinese cargo was heard lower than $435/mt CFR for 10,000 mt April shipment, a Singapore fabricator said.

Buying indication was heard lower than $430/mt CFR, two market participants said. "I am still waiting for the market trend to be clear, and would like to buy April shipment cargo,” a fabricator said.

“Chinese mills have selling pressure due to weak domestic demand,” an eastern China trader said, adding that they would like to export for March shipment cargoes.

Platts assessed 16-32 mm diameter BS4449 Grade 500 rebar at $434/mt CFR Southeast Asia, down $6/mt from Monday.

-- Analyst Chelsea Ye