New Britain herald., 1917-11-01
Steel and Pig
Iron Markets
The Iron Age says:


War Industries Board is taking a
minor position in price fixing. A list
of extras to apply to bars, shapes and
plates has been announced through a 4
subcommittee of the American Iron
and Steel Institute, and the general
committee of the institute and its
subcommittee chairmen are now in
session in New York to settle finally
the price question on products not yet
fixed. 1t is doubtful If a conclusion
will be reached at the one conference,
but the situation now points to a
clearing in a matter of days of the
atmosphere Of uncertainty.
The whole movement indicates that
a broad spirit of confidence Is reposed
In the representatives of the steel
makers. The trade may accordingly
expect schedules of prices with
spreads commensurate with those of
the prices already established. Like
the extras just promulgated, recog-
nized trade practices will undoubtedly
be followed, even to adopting, as in
this case. the minor departures which
the special demands coming originally
from Europe brought into being.
Meanwhile prices have been drop
ping toward levels which are regarded
and box annealed sheets are now OBJ
tainable at &c per Id. less than in late
September and galvanized sheets and
tin mill products at &c less. Last
week cold-rolled strip steel fell from
sc to 7c per lb. On Government BUSH
| ness, to be sure. but also indicating
the tendency, about 1000 tons of
rivets were sold at IS to 81 below reg
ular quotations..
The low rate at which business has
been booked for some months and the
relative smallness of the specific or.
ders for ship and she'll material have
llshtened order books. One steel
maker expects shortly to be able to
take on contracts in the finished steel
lines for which prices were fixed for
the first quarter of 1918. What a Diff
ference the new conditions impose is
shown in a statement that the COM
pany has already received complete
specifications for fourth. quarter bus
mess which average 4.26c for bars,
against 2.9Oc, the fixed price, and
4.5Oc for shapes and Sc for plates
against &c and 3.25c, respectively.
While mills have been able to reach
rolling of fourth quarter commit
ments. even of plates. in some cases.
deliveries on new general business
will of course be upset If the gov
eminent begins to call for large guam y
titles. An outside estimate of the
structural steel alone to be required
for shipbuilding in 1918 is 100000
tons, and the minimum 1900, 900 tons,
which compares with slightly over 81
100000 tons, the country's annual ca
pacity.
Added to the structural steel ship
needs is 1900 tons of steel for ST.
100000 shells to be turned out natur-
ally as fast as possible and some of
1t of course on structural rolling mills.
mo complaint is heard Of the de-
livery of ship material. In fact, II
has reached yards ahead of needs.
The labor shortage is the all impor-
tant point and shipbuilders are in
session in Washington at this writing
chiefly to discover how. they can get
the 100000 men which 1t Is estimated
must be had.
Buying of pig iron is not very ac-
tive on account Of the unwillingnesS
OF furnaces to take on additional ton
nages. AS the weeks pass the scar
city of iron for delivery this year and '
in the first quarter of next Is being
emphasized. Southern furnaces are
especially conservative. They be- J
1.-Two SA6I GIL inc AIOA WHICH 4NOILH-
ern furnaces can possibly furnish will
soon be sold and that then there will
he no difficulty In disposing of the
Southern product, which in competi-
tive markets would have to be moved
at less than the maximum price, set. !
During the past week there has been
fair buying of basic, Bessemer and T
foundry grades in the Pittsburgh dis. |
trict at government prices.
The coke situation continues to an i
noy furnace operators and more of