Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-09
IRON TRADE REVIEW.
A Weaker Market With City Fur
naces Not Cutting Prices.
ORE OFFERED LOWER THAN IN 81.
An Opinion Expressed That the Ruling
Figures Represent Bedrock.
REPORTS FROM ALL TEE TRADE CENTERS
OFFICE OF THE DISPATCH,
PIrTSBURG. FRIDAY. April s.


PITTsBURG, FRIDAY, April 8.
RAW IRON AND SrEEL-There have been
scarely any new features developed in the
condition of the iron and steel market since
last report Consumers generally have a
fair supply of raw material en- hand and can
afford to wait. But others need stock to
keep their works in operation and are buy
ers to moderate extent. Values show no
particular change. In pig iron the demand
is OF limited proportions and hardly suf-
ficient to absorb current production and
prevent anv further increase of stocks
Notwithstanding the much-talked-of re-
duction in output there has not been suf-
ficient blowing out of furnaces as the ext
gencies of the situation would seem to re-
quire. Among leading producers there
continues TO be firm stand taken in re-
gsr. to concessions on present quoted rates,
and the refusal of certain companies TO meet
the prices offered by weak furnaces, which
are compelled TO realize, has had a benc-
fetal effect in strengthening the market.
Consumers stocked Up With Pig.
Il appears as if consumers of pig who
have confidence in the future and have been
purchasing considerable iron during the
past few weeks 10 meet their requirements
unIil summer. are now fully stocked up for
the time being, as the demand has fallen
back to orders for immediate consumption.
Certain consumers have all along been pur
chasing pig iron as they required it, feeling
that with heavy stocks and continued large
production there would be no difficulty in
buying iron during the summer at about
present asking rates. Northern furnaces
are reducing the cost of production in every
Aln in l6r r0 M
petition. In the Shenango and Mahoning
valleys a reduction goes into effect of 10 per
cent in wages OF furnace labor on the 10Th
and 18th insts. Many leading companies,
both here and at other points, have refused
to make concessions for business, and this
action seems TO indicate that prices will 20
no lower. 4 lot of y 600 tons pig iron was
sold at Allentown & few days since. Gray
Iorge brought SO, which, under the circum-
slances, was considered good price.
Bottom Prices About Reached.
A weIl-informed Eastern iron merchant
has this 10 say: sit appears that bottom
prices must be somewhere near the current
quotations, which are as low as have ever
been known. Some temporary delay toward
Improvement NAV perhaps be caused by the
reduction in freights, and until an improve
ment As made it is hardly to be expected
that anyone will take the initiative toward
higher figures. The word adjustment
should be understood as applying to the
points. But, OF ;Al whole, tine immediate
indications are tina prices will remain
about as they are until an increased de-
mand or decreased supply will warrant
makers in asking more money. The ten
dency will certainly not be toward an in
creased supply. so that either of the alterna-
tiycs named will probably soon begin to de-
velOn.'
Tue LATEsT-Prices in certain descriptions
are weaker Iron Ore-A lew sales since
last report at prices lower than sales made
during 1881. all standard Bessemer. Gray
Forge and Bessemer are not so1irm: outside
brands sold at a slight decline. City fur
naces are still holding out for outside prices.
Steel Billets-Sales continue liberal; prices
range from S23 C0Gp23 40, according to the
time OF delivery. Ferro Manganese weaker.
Muck barr dull, demand light. Skelp iron
firmer, slightly higher. Old iron and steel
rails duh: prices uncertain. Scrap material
Gull offered at a decline. New steel rails
steady with sales at works at $50
CoKE-sNELTED LAKE AND NATIVE ORES
oOo tons Bcssemer, Nav and june. .sI4 20 cash