New Britain herald., 1916-06-15
FOREIGN BUYING OF' METALS ON INCREASE
Reduction in Freight Rates PaVes
 Way for More Orders
The Iron Age says today:

The Iron Age says today:
 Little or no concern is yet shown
 over the stability of present high
 prices. Manufacturing consumers
 with stocks at hand and material still
 coming in under contracts much
 below present market prices have
 Teen making concessions on their products to secure turnover, fol-
 lowing some recent indications of an easier situation in mill sales. With contracts expiring this month, the surface nipples may have no wide effect, particularly as a renewal of export inquiry of large proportions has developed. Foreign buying is much encourag ged by the sharp reduc- tions in ocean freight rates, of 20, 30 and ever over 50 per cent. from re- cent tariffs, and it is of great variety and from all quarters of the globe.
 The lifting of pressure of domestic buying, continuous for so many months, tends to exaggerate the com- parative Hull in new buying Mills are not urging purchases, as present obligations involve far future opera tons; most of them hold that there is no advantage in taking on commit ments of uncertain value.
 Russia looms important in foreign demand, Already the indications are that the Steel Corporation is to supply 150,0OO to 100000 tons of a total of 350,0O0 tons of 67 1-2-lb. 1alls; within two or three weeks up- ward of 10000 cars will probably be bought here, arrangements for a Rus sian loan having been perfected, and before the end of the month it is ex- pected that large tonnage of barb Wire will be placed, though hardly the amount commonly spoken of, which is only slightly below the coun- lry's annual barb-wire- making capa- city, It is doubtful if deliveries on the rails can begin before March.
 War buying proceeds steadily. representatives in this country are now placing small rather than large orders, and while close figuring so Tar as war prices go is common, mills have a possible outlet on every occasion that the domestic demand does not round out the rolling schedule.
 Enough plates to build several ships have been bought at 4c, Pitts burgh, for shipment to Japan in the fourth quarter of this year and the first of next, and yet Cleveland re- ports boiler makers as allowing can oellation of plates under contracts at much less than going prices. As another contract is a boiler steel con- tract of over 1000 tons closed for the fourth quarter at 4c. The plate de- mand is still exceptionally strong ex- cept for universal plates, which need widening of steel building and rail- road car construction to prevent price concessions on top of the easier deliveries.
 Late price lapses have occurred in cpen-hearth bilets and sheet bars under the influence of the heavy offerings of rejected shell steel, and in galvanized sheets, as reported from Cleveland, ref1ecting the lower prices Of spelter. Bars and shapes are held firmly, and in the face of a refusal to share 2:50c, Pittsburgh for fourth quarter or frst-ha1f bars, implement makers are holding back on 1917 contra citing. Cleveland reports con- general business put under contract for the last half at 2.5Oc., Pittsburgh, for bars and shapes and 2.9cc for plates.
 Pig iron has again declined. May shipments of merchant furnaces in the central Western territory eX- ceeded those of April, but they also eXceeted the May production. At Chicago 7,500 tons of Bessemer was sold for export at price under S2C.50, Valley. Spot Southern has hcen done at s14.5O, Birmingham The foreign demand for pig iron eN- ceeds 5o,000 tons, of which 25,OO0 tons is for Italy
 Bridge building and structural w ork was put under contract in May 10 a total of about 10000 tons, which is slightly above the average IT onthly rate so far this year. Large Jobs, however, are not numerous. Some 2,50O tons was closed for Peoria steel plant, and 5000 tons will be required for the new mill at Indiana Harbor. Los Angeles wants 1000 tons of reinforcing bars.