New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1917-03-08
Steel and Pig
Iron Markets

New York, March 8,-The Iron Age
says: Belief in early government
purchasing on a war footing scale
seems to be underlying reason for the
sharp advances and continued
strength of both iron and steel mar
kets. Facing the possible govern
ment Presumption Of space in mills,
after suffering the curtailment Of
output. particularly throughout Feb
ruary. amounting to perhaps 80 per
cent. as an estimated average, both
pig iron and finished steel are sensitive
to even expected buying of consumers.
In all this any check due to d.
minished exporting is discounted. In
some lines inability to supply on ex-
port orders serves to reduce unwel-
come high pressure on mill operations.
Big sales have not been the order but
interest in protection for late 1917
naces and steel mills well booked for
much Of these periods.
Spot buying Of iron has taken q
second place to contracting for late
this year and for the first half of 1918.
Prices are in a state of ebullition with
Southern iron though most difficult to
establish, sales occurring with a
range as high as 81 per ton and with
substantially no difference between
spot and forward business. Resales
are responsible for some of the price
irregularities. The Alabama irons
are clearly rising to a parity with
Northern irons. Sales have been
made of No. foundry at SIS. Birm-
ingham. Virginia foundry iron has
brought $21 at furnace for the first
half Of 1918. Bessemer iron Is fully
81 per ton higher.
How serious has been the coke
shortage is indicated In the pig iron
production figures forS February.
which give the months output at
2,637.042 tons or a daily production or
94,1SO tons, the lowest since August.
1916, when the average daily output
was SS,666. For September, 1915, the
output was 95,085 tons per day. Tho
February output compares with lOl,-
643 tons per day in January, or over
per cent. drop. Three more fur-
naces were in blast on March L, 315
in all. than on February 1. but the
rate at which they were making iron
was 96,S74 tons a day against
1O1,S66 tons on February 1..e-;
A rapid recovery may undoubtedly
be looked for, as coke production Is
better and railroad transportation -
improved. This fact is shown in
easier prompt coke prices. Pittsburgh
sales being SO against $12 last
week.
wire and wire products and iron
and steel pipe are 81 per ton higher;
light rails have been advanced IS;
last weeks rise Of IS per ton In bar
iron IL more general; some ferroal-
Toys are So and 50 per tom higher;
some grades OF scrap material are
commanding soc ana 81 above last
weeks quotations, and several plate
mills are asking $500 on ordinary
tank quality and &c on ship plates
these representing advances OF $40
to $40 per ton. AS a prelude to q
probable advance in its prices of bars,
shapes and plates. which are of course
generally understood to cover deferred
shipments. mostly in 1918. the steel
corporation has withdrawn quotations.
It appears that the late buying of ag-
ricultural bars cover shipment to a
large extent in the first half of 1913.
The advance in wire brings wire
nails, for example, to the high level
of January, February and March.
1900. The advance in wrought pipe
applies not only to line pipe and OIL
country goods, which have long been
in strong demand, but it covers butt
weld pipe which has also advanced.
out Of consideration of costs, in spite
of the country's large capacity and
the relatively early deliveries obtain
able. The advances in light rails re-
c,,1t a 1oo from tho cost NJ aAy1i n nj nod
steel.
negative feature. Several thousand
tons of billets have been offered at
$50 per ton, or IS below the Pitts
semer billets have been made at this
contrary, are strong out Of sympathy
Small lots Of high-carbon rods have
sold at $125 per ton.
The weeks big sales have occurred
chiefly in export business. For
France 10000 tons of rails have been
placed, leaving $4,000 to 100. 900 tons
under negotiation. Some $4,000 cars
also for France have been bought.
Japan has paid 6.60c. Pittsburgh
basis, for 10000 tons Of ship plates.
Export inquiries for iron easily total
40, 900 tons, all Bessemer, and q fresh
inquiry for 10000 to 10000, tons Of
shell bars for the last half has come
from France. The government naval !
program will take all OF 100000 tons
for 1917, exclusive Of armor plate.
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