The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-06
THE STEEL MARKET.
Incoming Business DisappointinG,
hut Improvement Expected.

No change in steel market conditions
was reported yesterday. Incoming bust
ness SO far this month has not been
very satisfactory. but manufacturers
are topeful OF an improvement In the
near future. Structural steel buying
liz said TO have been comparatively good
In April. Pig iron buying has been
better OF late. though prices are ruling
at very low levels
The Iron Age says:
with little change in the rate of
new buying at home, the steel trade has
entered May with more grounds for
confidence in the outlook tfan existed
one month age. In the main this Is
due to the very heavy foreign business
distributed here in April and the further
large volume on which negotiations are
now being closed. To this is now added
the belated promise of freer buying of
railroad equipment.
Knowing that much more steel for
export will be turned out at their mills
in May and June than In March and
April, steel makers have been little
disposed to add to their bookings by
price concessions. Hence with many of
them April did not equal March in new
orders or shipments. War and other
export business becomes thus the pivotal
factor at "A time when hesitation might
have developed in purely domestic
situation.
Bids are asked, or are about TO be
asked. ON $4,000 cars. in addition to the
10000 for the Pennsylvania Railroad
Being chiefly for Western roads. the
expected buying of these ears has
helped the Chicago market. which has
long Jagged. being out of the zone OF
export operations. The Pennsylvania
rail order. II is now stated. will he for
l3S,OO0 tons. OF which $1,000 tons Is for
the lines west. The Rock Island will
probably buy 10000 tons at once. Al
Pittsburg 300 tons will be- rolled for
the Pittshurg and Lake Erie.
steel works operations are now aver
I aging nearer to 10 per cent than to
30 per cent. The Steel Corporations
schedules for this week are at 1875 per
cent. of ingot capacity. Foreign orders
may bring this up slightly as the
month advances. The statement OF UNI
filled orders as of April 80 is not likely
to show much change. At Chicago the
leading producer had a net gain in April
of $4,000 tons.
The pig iron statistics for April show
that steel companies increased their out
| put by $500 tons a day and merchant
| furnaces by Loco tons a day. bringing
the latter up to the highest point since
July, 1914. The total production In
April was 2l16,494 tons. or 10.550 tons
day. against 2.Os3.s3i tons in March.
or S6.51i tons a day. With 1915 fur
naces in blast May ], or four more than
on April /. the active capacity was H.
: $50 tons day, gain of 900 tons a
day.
The pig iron market OF late for the
I first time in many months has indicated
the state OF the whole industry. Buy
/ ing has hroadened and il H. significant
/ that 200. 600 tons OF speculative iron has
been taken. Buyers OF this iron, OF
| which about 10000 tons was from
Buffalo furnaces, will hold IL for a sub
! stantial advance. In Alabama April
sales OF fully 100000 tons, including
speculative lots, stiffened the market
| and S9.15 and $40 are now asking prices
for the second half. Preceding the adj
vance some sales of No. . iron were
made at 1925 and to-day $3.50 iron is
still 10 oe had for the second quarter.
Chicago pig iron sales have been
quite heavy and all central Western
markets have been fairly active. At
Chicago the $3.50 price on Northern
iron has been for some time the sign
OF weak market. but sl3 Is now gem
eral. In northern Ohio as low as l2.25
at furnace for No. foundry has come
out in the past week"