New Britain herald., 1917-09-06
Steel and Pig
Iron Markets
The Iron Age says:

The Iron Age says:
The magnitude Of the Governments
task in fixing steel prices is shown in
repeated postponement of action. In
the past week prominent producers
have been called upon for additional
data and there is still no appoint
ment for the expected meeting of the
War Industries Board and the gener-
al committee of steel manufacturers.
The markets for pig iron, semi fin
lshed steel and rolled products con-
tinue to drift. Indications of COM
ing establishments are chiefly those
given by resale transactions which are
but meager basis for conclusions. At
Pittsburgh there has. been no dupH-
cation of the sales in steel making
pig iron, which in the last week of
August showed a softening market,
but offers of resale billets and slabs
at $40 as against 500 in July are
ample comment on the disappearance
of competitive buying of shell steel to
Europe.
The August pig-iron statistics en-
phasize again the little success of
blast operators in the face of coke
scarcity The output was 3,247,94
tons, or 104,772 tons a day, against
3,342,43 tons in uly, or 107, $40 tons
a day. New modern blast furnaces
were started last month at five steel
plants--Midvale, Bethlehem, Bonner,
Republic and Whitaker Glessner-yet
with all this reinforcement production
declines. Many furnaces were banked
for days at a time for lack of coke.
On Sept. 1, 357 furnaces were in
blast, with daily capacity Of 110,16
10 f,,r will doj1v
capacity of 109,24s tons We're active
on Aug. 1. The situation is we'll in
dictated by the fact that 25,606, 600
tons of pig iron was produced in the
first eight months of the year, OF
$4,000 tons less than in the first
eight months of 1916, and yet 3S more
furnaces were in blast at the opening
of this month than on Sept. 1, 1916.
The course of the market in the
interval of waiting for the heavy re-
questions Of ship steel for the Gov
eminent Is the immediate concern OF
makers and buyers. Some Of the AGO.
900 tons of plates bought for Japan
are available for home consumption
and sales at SC, Pittsburgh, indicate
the change that has already come.
From mills having 10c plate contracts
there is complaint in some instances
The bar market has been attracting
attention also. Contract sales of steel
bars have been made at 4c., Pitts
burgh, for delivery in the fourth quar-
ter and some deliveries at that price
have been as good from the buyers
standpoint as have been secured only
recently on a sc. basis. At the same
time, when round lots of bars have
been sought for Japan, with no en-
barge in effect, only fractional parts
have been accepted at 4.50c.
A large meeting. of tin plate manu-
facturers at Pittsburgh August 81 con-,
sidered the request from the food ad-
ministrator that contracts with can
ners be made, for full year, instead
of six months. The question of shset
bar contracts for an entire year is in
volved and negotiations with the steel
mills on that matter must first be talk
en- up. The draft of tin plate work
ers for war service figures in calcula-
tons for the coming years output and
there is the possibility of cutting off
one turn at some mills in view of la
Dor shortage.
Wire rods have shown consistent
strength. On 5000 tons for shipment
abroad through this month, October
and into November, sos was done for
soft and Sis for high-carbon stock.
Some light is thrown on the pro-
posal at Washington that the Entente
Allies bes given the same prices on
American steel as the government, by
British market prices on hematite pig
iron. Recently the British maximum
hoe trade price was 1925. 3d., while
the export price for France was 1873.
Sd, f. o. b., and for Italy, 141s. sd.
Our cable advice this week is that
the export price for the Allies is be-
lieved to have been fixed at 141s. No
publication has been made by Great
Britain thus far of the prices charged
her allies for finished Steel but In
Justice to steel-makers in this country
Who are asked to make preferential
prices to Europe these figures should
be Forthcoming.
The market for foundry pig iron is
uniformly easier due to constant Of
ferings of resale iron, but the conces-
sions are not great, nor is the business
considerable. Some foundrymen
bought more iron for 1917 than they
will need; others are pressing the fur
naces for deliveries. In the East $50
No. 2 foundry iron is now offered, as
against a recent furnace price of $50.