Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-19
IRON TRADE REVIEW.
A Ray of Hope to Be Seen in Sales
Made This Week.
SLABS AND BILLETS ADVANCED.
Why Furnacemen Are Not Favoring a
General Shutdown.
REPORTS FROM ALL TRADE CENTERS
OFFICE OF THE DIsP ATcs,

PITTsBURG, FRIDAY, March is.
RAW IRON AND STEEL-The past week
has shown no improvement in values, but
the fact that there was no further decline is
certainly a good sign. Last weeks sales
were liberal, particularly of Bessemer pig
and steel billets, prices of which were the
lowest ever reported. Many consumers
have made purchases, the delivery Of which
extends until the first OF October. Does
anyone suppose that purchases would be
made so long ahead if there was the faintest
idea that prices would be lower during the
next six months? We think not. Produc-
tion continues far in excess of what it
ought TO be. Unless curtailed it Will reach
100000 tons this year. At many points
a large falling of in demand is reported.
Add to this the general uncertainty in
regard to the immediate course of
the market and it will be seen that the po-
sition is one OF considerable uneasiness and
likely TO remain SO until an important re-
duction in the output is made. This will
inevitably occur, many think, very soon.
Still the trade seems inclined to wait until
ii is an accomplished fact rather than to
place orders based on something still in an
ticipation.
Southern Iron Selling Low Here.
The Southern furnaces report says: "NIade
some large sales at extremely low prices, for
present and future deliveries Prices in the
East are considerably higher than those in
Pittsburg, viz No. foundry, S16 00G1i so;
No. foundry, SIS 0O@16 90; mill iron,
SIS 75Cd14 80"
About the Mahoning Valley a well-in-
formed iron dealer has this to say: UNLESS
the iron business grows considerably poorer
than it is neither the furnaces nor roll
ing mills are likely to shut
down. At present it is dull, but
it is the result of overproduction
and not tie lack of demand. do not con-
template any continued shut down of fur
naces for the reason that the rolling mills
are nearly all running and consuming more
pig iron than they ever did. One thing
that causes the overproduction is the i'm
proved facilities for an increased output Of
the furnaces. Eight years ago we were
satisfied when one furnace produced 80 tons
per dav. Now we think there is something
wrong when it does not make $50 tons every
"a hours. When repairs are made to fur
naces they always have in view an increase
Of the output. and what is true of furnaces
is true Of mills. Three years ago the daily
output of finished iron at our mill at Niles
was 20 tons, now it is 80 tons"
Furnaces Will Not Be Banked.
Notwithstanding that overproduction is
credited with all the ills growing out of the
low price of iron and steel careful exam
ination shows that, so far, only limited
number of furnaces have closed. Some of
them have orders booked that will keep
them employed the next three months
Others propose to use up the ore they have
on hand. The closing down of furnaces will
not be as general was expected unless
furnace men change their opinion.
THE LATEST-The steel billet market is
firm with a liberal demand; sales large.
When parties purchase blocks of 10000
tons it certainly indicates that the present
is a good time to buy. The latest sales show
an advance. Offers have been made by we'll |
posted parties of S23 f o. b., at makers |
works, and we can furnish correct state |
ments of sales of $1,000 at from S22 So to |
S23 % f. o. b. at mill, made during the last |
ten days The market is decidedly firm |
and Bessemer and Gray Forge steady at un-
changed prices
IRON ORE-No large sales have been re-
ported. A report was made by valley |
furnace man this week that he was offered
standard Bessemer ore for '92 delivery at 25
cents per ton below last years prices.
New steel rails are steady and prices un-
changed; $50 +. o. b. at works.