Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-12
IRON TRADE REVIEW.
Sales of Bessemer and Steel Billets
We're Very Heavy, but
PRICES ARE DOWN TO BED ROCK.
Large Number of Furnaces Decide to
Go Cut of Blast.
WHfPRODUCTI0N SHOULD BECUgrAILED
OFFICE OF THE DISPATCH,l
PITTsBURG. FRIDAY, March II.

PITrsBURG. FRIDAY, March il.
RAW IRoN AND STEEL-Trade still con-
tinues in a very unsettled condition. Val
ues show no Improvement, but at the same
time sales of certain descriptions show that
leading dealers, who are considered well
posted, are contracting for liberal supplies
to be delivered during the next three
months. Thus their faith that prices have
touched bottom is confirmed by their works.
Bessemer pig at S14 5G914 as; steel slabs,
S23 OO@23 %; grey forge, s13 00@13 %, is
certain to prove valuable investment. The
prices quoted are the lowest for good ma
terial we have ever reported. The contin-
ued large output in all sections of the coun-
try, and the fact that many of the furnaces
blowing are not sufficiently strong finan-
cially to store up current production until
the demand improves, tend to keep the
market in its present depressed condition.
Certain furnaces in this district have
reached a point where they will hold their
iron for better prices, but others are dis
posed 10 offer special inducements to effect
sales
The Right Thing to Do.
1t is currently reported that a determina-
tion has been reached on the part of a num-
Der of Northern furnaces to go out OF blast
until the demand shows some signs of i'm
provement. This seems to be the only
course open TO restore the equilibrium be-
tween supply and demand. 1t is a matter
of HISTORY that stocks have been accumu-
lating tor months past, which fact tends to
hold back buyers from placing large orders
for future delivery unless at extremely low
prices.
A well-informed retired iron merchant
saws: ''There are indications that bottom
prices have been reached, and, while there
is not much chance of immediate reaction,
it will be some satisfaction to feel that the
worst is known. This opinion is based on
the knowledge Of certain large transactions
at figures not to be given for publication.
In other words, the parties interested are
unwilling to have the actual figures men-
toned as the sales are not likely to be
duplicated and might, therefore, be mis-
leading"
From the Mahoning and Shenango VAL
levs word comes that quite number of
owners have determined to blow out until
trade improves; other sections will no
doubt follow. The Southern furnaces are
very generally in blast, and, as they are not
finding q ready market for their product,
considerable unsold stocks are being carried.
being made in most directions, chiefly in
the West and South, but there is plenty of
iron at low prices-how low will depend on
circumstances.
Bessemer Sales at Low Prices
IRON ORE-Three lots of Bessemer ore
sold since our last report at 1215@15 cents
per ton below last years prices which is
equal TO 4715@5O cents per ton less than
So les made early this year
NEW STEEL RAILS-Market steady, no
sales of large amounts since our last; de.
mand light. In the East the demand is
slow and unsatisfactory, but makers still
feel that there will be plenty of business
before the summer is far advanced; one sale
of %, 900 tons bv the Lackawanna for use
on the Huntington roads. Prices steady at
the mills at $50.
The market for steel billets and slabs is
weak with liberal transactions at low figures.
Muck bar dull: prices weak but not lower.
Old material very dull; the low prices of |
raw iron generally has caused scrap to be
neglected
The LATEST-Market shows no change in
values. The sales of billets continue un-
usually large at prices that were current
last week. The bottom for this description
seems to have been reached. Bessemer
sales show up well. Grey forge neglected;
sales restricted and prices unchanged. Old
iron and steel rails are dull, prices being
nominal. While the general outlook is no
better than last week it is certainly no
worse.
CokE-sNELTED LAKE AND NATIVE ORES. |