Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-28
IRON TRADE REVIEW.
A Strong Pig Market in Spite of an
Enormous Production.
SOME HEAVY STEEL RAIL ORDERS.
Eastern Dealers Attracted by the Large
Sales of Billets Reported.
HOW BUSINESS is MOVING EVERYWHERE
OFFICE OF PIrTsBuRG DIsrArcH,1
Eprn.V Nov -

OFFICE OF PITTsBURG DIsPArcH,1
FRIDAY. Nov. q.
RAW IRON AND STEEL-Business this
week has not been very active. A wide
difference still exists among leading dealers
as to the present condition and future pros
meets of the iron trade. While the volume
of business continues fair, prices show no
Improvement. For most descriptions, how
ever, bottom figures have evidently been
reached. The strength that the pig iron
market displays in the face of the enormous
production is one of the encouraging
features of the situation, and shows that
the trade as a whole is in a fairly healthy
condition. The supply of pig isstill slightly
in excess of the demand, but producers
manifest no anxiety about disposing of their
output and are not willing to consider offers
below present market rates. 1t is impossi-
bic to tell where all the pig iron is
going TO, as the Improvement in
other branches Is not in proportion to the
Improvement in the market for crude iron.
The steel mills are taking an increased
share. but the iron rolling mills have not in
creased their consumption largely. 1t is
evident that the foundry trade must be con-
suming pig iron at a heavy rate. Last
weeks sales of foundry were the largest
made for some time.
Signs of q Betterment
The undertone of the market is certainly
stronger, indicating hopes of a much better
condition OF things soon. At this late sea-
son it is not to be expected that any great
improvement will be realized, in which be-
lief sellers are satisfied TO hold their own
for the balance Of the wear. As matter of
fact some have been willing to accept GER
tain amount of business at current rates for
the first three months of 1892. This natur-
s,lv accounts for the heavy sales reported
and published in The DISPATCH during
October and November. The sales of Besse-
mer and steel billets in the Shenango and
Mahoning valleys for next wears delivery
have been unusually large, the time of de-
livery ranging from December to April 1
inclusive. The valley furnacemen deserve
credit for holding up prices SO well.
A leading Eastern dealer has this to say:
'rhe outlook in the iron and steel trade is
certainly more encouraging than at any
time in many months past. The demand
for all classes of material shows steady in
crease, and prices are generally firmer than
they were a few weeks ago. There is less
pressure TO sell and buyers are displaying
more interest in the market. Inquiry is
active and purchases are on more liberal
scale"
Orders for New Steel Rails.
New orders for rails this week were
much heavier than for some time. The
orders went principally to the Illinois
Steel Company and the Penn rail mills, all
for 1892 delivery. The tonnage sold exceeds
10o. GOO tons. 4 800 ton lot of steel rails
was shipped to New Orleans BY river. This
is evidently the beginning of a boom in the
steei rail trade.
THE STU ATIoN-A holiday is certain to
interfere with business, and the present
week was no exception. Bessemer pig
Notwithstanding the heavy sales reported
for some weeks there is still a good demand:
sales reported show various prices Steel
slams and billets-The demand has been
well maintained. Muck bar-Quiet: sales
light. Gray forge-Prices about held their
own. There are still sellers who refuse to
accept present rates for fsvorite brands
Skelp iron prices are shade lower. Ferro
manganese shows no change in values.
Scrap material dull; prices weaker. Old
i-pn ond steel rails-The demand was less
active: BUYERS are offering lower prices.
COKE SNEITED LAKE AND NATIVE