Newark evening star and Newark advertiser., 1910-08-22
HEAVY PRODUCTION
+. OF Pig IRON NOW
EQUAL TO DEMAND
Increase in Number of Plants
Makes Pittsburg Market
Favor Buyers.

PITTSBURG, Aug. -Mid-August
calls for shipments in crude and fin-
ished steel lines are away above the
tonnage anticipated earlier in the
month. Despite the curtailments evil
dent in wire, pipe and bar iron earlier
in the summer. shipments are In great
er volume this month for the whole of
the steel trade than for August, 1909.
which was considered an exceedingly
heavy month at that time. Last year
the mills were bare of stocks; this
year fair stocks have been accumu-
lated, except in tin plate. merchant
bars and some lines of small structural
material.
In the light of the pace set by the
larger consumers In specifying on sec
ond quarter contracts the assertion is
freely made that the steel trade will
be in full tilt before the middle OF
eptemberAthough there is no inten-
ton of attempting to push prices above
the present levels during the remain
ing months of the year. The enor-
nous increase in new capacity since
the opening of 1910 in almost every
line of finished product assures buy
eTs' market for the remainder of the
year.
A single sale of bessemer iron. made
during the week to Pittsburg steel
casting interest for deliveries over the
last four months of the year, revealed
a price of SIS, valley furnace, which Is
about 25 cents under any previous price
for bessemer In this market. Small
sales have been made the past two
weeks at the old minimum of s15.25,
valley furnace, and bessemer, for
prompt or any delivery this year still
was quoted at this minimum at the
close of the week. There Is little like
lihood of the merchant producers In
this territory offering large tonnage at
the lower price. for the margin of
profit, even under most favorable ore
and coke contracts is all but wiped
out at the s15.25 price.
Forge Iron Price Drops.
Forge iron furnished a diversion dur
ing the week, with q sale of 5000 tons
to a local consumer at $685., furnace.
which is Is cents below the former
minimum for any delivery The iron Is
for delivery over the last four months
of the year. and stands the purchaser
an even $1425 delivered Pittsburg.
Basic was picked up by three buyers
in small lots at $14 and shade less
the lowest figure being about $3.50 at
valley furnace About 1900 tons of
this grade changed hands. some of it.
it is believed, having got into specula-
tive hands. About 1900 tons of of
basic was sold for last half delivery at
s13.75. At the close of the week there
was good line of inquiry from buyers
who were looking chiefly for bargain
offerings.
No. 2 foundry was in little demand,
the principal consumers having been
literally provided for through the early
part of the third quarter The nominal
quotation for No. 2 iron continued to
stand at SLABS, valley furnace. though
1t Is probable this could be shaded on
a large inquiry Pig iron interests.
both In steel-making and foundry
grades. refused to quote on several in
quiries for first quarter and first half
of 1911.
Crude steel showed softer tendency
during the week, sales of bessemei
billets having been reported at shade
under $25. while one round tonnage
figured in an exchange deal at fiat
price of s24.50, Pittsburg mill. This
last-named price could not be duplI-
Gated on a straight sale, though two
moderate tonnages of prompt OPEN
hearth billets changed hands at $3.50
mill The usually recognized spread of
81 between open-hearth and bessemer
steel has been partially wiped out, both
in billets and sheet bars. Producers
have few surplus stocks of crude steel,
however, and it is suspected that some
of the odd lots being dumped on the
market come from finishing mills
which have been accommodating stocks
taken on contracts made during the
boom months earlier in the year.