New Britain herald., 1917-11-09
Steel and Pig
Iron Markets

has been further cleared by govern
ment announcement on November OF
agreed prices on sheets, wrought pipe,
fence wire, tin plate, cold rolled
shafting and scrap. The new finished
material prices as carefully worked
out by the steel manufacturers COM
mittee, are in line with those pre-
viously fixed and the government
makes the important statement that
on products not yet covered by official
schedules the manufacturers have
agreed to adjust prices promptly. Thus
it appears that further Washington
announcements are not to be looked
for, unless at any time a general re-
vision should be made.
Trade opinion is agreed that the
new prices Of this week are generally
in line with the bases previously de-
termined, with the possible exception
OF galvanized sheets, which at 6.25c
for No. 28 do not give a profitable
spread over SC for black Sheets
where the latter are bought in the
market. In the case of scrap, the new
schedule, as had been expected, estah-
fishes maximum prices at points of
consumption.
1t is to be noted that on wrought
pipe the new prices represent 81 tor
reduction from the last card Of indie
pendent manufacturers, but an adj
vance of IS a ton in prices of the
National Tube company. In wire pro-
ducts the new basis is $40 ton below
prices for some time made by leading
independent companies and about Sc a
ton above those Of the American
Steel & Wire Co., at which, however,
little or no commercial product could
be had.
While the price basis on which the
iron and steel trade now finds itself
through government action is no bar
to large production, mill efficiency is
reduced both by the embargo on ex-
ports and by the way in which govern
ment orders are given out. Frequent
"Oll changes to meet priority require
ments have been a handicap, and mill
space has been held for ship steel
specifications that have not come as
expected. Here and there slack has
resulted and commercial orders have
not been ready at the moment to fill
the gaps. Thus the market hears now
and then that some mill is seeking
prompt business at the agreed prices;
then along comes more government
work. These dislocations are more or
less disconcerting.
The ill-advised agitation of contract
abrogation by the Federal Trade Com
mission has tended to restrict buying
of steel for commercial uses. The
trade has done no little readjusting on
it's own account. since the shadow Of
government price fixing fell upon it
over four months ago. Today the
outlook is that the present price basis
will not be changed January 1, but
joJ
come soon and it should be indicated
also that no change will be made in
the first half of 1918.
War steel requirements are looming
up. Government shell steel now I'M
der inquiry amounts to 100000 tons,
of which 100000 tons were distributed
in the past week. For the destroyers
recently let $4,000 to 10000 tons of
steel have been given out, largely
plates
A measure Of the scarcity Of plates
Is found in the estimate that govern
ment merchant ships, representing en-
tirely new demand, will take in each
of the next two years 1900, 600 tons of
plates The total production of sheared
plates one-fourth inch and thicker was
not quite 100000 tons in 1915.
Besides the 10000 cars for Russia,
held up until responsibility Tor pay-
ment is firmly settled, and the 10000
cars for French railroads, builders are
to supply 5000 more cars for our ex
peditionary forces and upward Of
5000 for domestic roads are under
consideration.
Inability of certain manufacturers
to count on steel supply promises to
figure more and more in the war toll.
The automobile industry is much dis
turbed by the announcement that al
10y steel would be largely withheld
from it, yet there is nowhere any def
mite knowledge as to the amount OF
such steel government needs will re-
quire.
The readjustment of prices on vari-
Gus products into which rolled steel
enters, such as nuts and bolts, is to
be promptly worked out in line with
the schedules the steel manufacturers
have already made. AS to nuts and
bolts, opinions of producers show con-
siderable variation. The way in
which these various changes are car
ried out will be matter of close gov
eminent observation. 1t is intimated
that fuel will not be Forthcoming for
manufacturers of steel or of collateral
products who do not carry out the
terms of price agreements
The fact that various sales of coke