The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-04-28
SALES OUTLOOK.
The Ore Market Not as Bright as Might
Be.

The outlook for ore sales is not
promising, apart from the purchases
of low phosphorus Bessemers which
will come in due time from two large
finds no inducement under present
conditions to tie himself. up with a
twelve-months' contract, and in
number Of cases. when the supply of
ore now on hand is used up, operations
will cease and the ore question will
not be taken up until there is "a
chance of running at profit. Some
few sales of Mesab non-BesSemers
have been made on a basis of 81 for an
ore running 81 per cent in iron and
.075 to .OS0 in phosphorus. The ques-
ton of lower freights from mines t.
upper lake docks is still ia allegiance.
Mesabi range railroads are quite dis
posed to maintain the rate of other
years, but the action of old-range
railroads will finally decide. While
the rate to Marquette has been 81
cents from Marquette range mines, it
is understood that some business was
done last year at u cents. The vessel
situation is unchanged. Some BUSH
ness has been done TO Escanaba, re-
Gently, but the 70-cent rate talked of
from tie head of the lakes is not
established as yet by contracts.
There will be smaller difference this
wear between the Lake Michigan and
the Lake Superior rate, since deeper
water at the 500 will permit of con-
Siderably larger Lake Superior car
goes
Every month makes it palmer that
the way to better condition in the
ma KIT is through vigorous curtail-
ment of production. Furnacemen
have waited for several months, but
in vain. to see the demand upon roll
ing mills and feundries grow up to the
capacity of furnaces now active.
There are occasional expansions, in
some form of finished steel, that
awaken hopes of permanent improve
ments. but nothing that measures up
to the needs of primary producers.
In the Mahoning and Shenango val
legs the pig iron output has been re-
duced considerably in the past two
months Within the next few weeks
as ores are worked up, the idle list
will increase, and by the latter part
of MAY but one or two furnaces in the
Mahoning valley will be going, and
probably not more than three in the
Shenango valley. In spite of the very
low prices made in the past fortnight,
there is no agreement that the mini
mum has been reached. Buyers are
familiar with stock accumulations,
and while the extreme depth to
which all prices have sunk is recog-
nized, it is situation on which not
an iota of speculation can be begotten.
Confidence that better demand will
not be delayed beyond the middle of
the year is general and there is feel
ing also that if even one unexpected
element of betterment should develop
it would suffice to give different cast
to the whole situation. 1t is hope
for such turn that checks pessimism
even in the midst of unprofitab BILE
operations. Bessemer pig and billets
are weaker. and 1906 and Sl4.50, re-
spectively, PittSburg, represent the
possibilities on prompt deliveries,
while one sale of BeSsemer is reported
at $3.50, Pittsburg. Foundry irons
are weaker. also, in all districts and
valley sales of No. 2 have been made
close to SO, while Birmingham sellers
have gone Is cents below the $3.50
quotation. There is more disposition
on the part of Southern producers to
meet quotations or Northern iron,
even though the railroads have been
indisposed to reduce freights from
the South. There is considerable
structural steel to be placed soon, and
demand for plates for bridge work and
for plates and sheets for interior
riveted work, as in jails and the like,
has been Of larger proportions. In
the Philadelphia market shipyard work
has been an element of some moment,
but the work has gone largely to two
or three mills. The wire and wire
nail demand continues of good volume.
Cast iron pipe foundries find both
volume and price very unsatisfactory,
and wrought pipe works are in the
same condition.
Captured at Last.
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