New Britain herald., 1918-11-30
Steel and Pig
Iron Markets

'0pi oSehIlnS export demand from
many sources has given a new turn
10 steel trade sentiment this week
alter fortnight of absorption in
cancellations.
Generally producers have been
st1ffening against cancellations unless
directly due to government action and
they have now been aided in this
stand by the appearance Of an unex-
pected number Of filling-in orders and
by the fact that outside Of the scrap
trade prices have been maintained
thus far.
There Is little disposition to over
rate this buying as it Is generally rec
ognized as limited to the meeting of
necessities which only war could have
pushed aside, and is, therefore, not
likely to develop into a movement
that will reinforce prices.
So far as the export buying is con-
cerned the considerable range in
prices paid and the lack of large
tonnage show that in the sudden re-
fur1 of g. comparatively free market
consumers no more than sellers have
yet any definite plans. Export
plates have sold at 3.50c. per h., or
0.25c above the government price in
a 2.000-ton transaction, and 4c was
paid In another case, while a 250-ton
sale was made at SC.
What will come of the 200, 900 tons
Of plates for Japan, much of it at &c.,
on which deliveries were not permit
ted by the War Trade Board, has not
been decided, but the buyers expect a
revision of the price in view Of the
idIeness of their shipyards in the in
terval.
The Steel Section of the War In
dustries Board has notified all steel
manufacturers that it will discontinue
ALLEGATION Of steel on Nov. 80 and
thereafter dealings will be directly be-
tween Government and other purchas-
ing agents and the manufacturers. A
conference at Washington, Dec. II,
between the manufa cturers and the
Price Fixing Committee may result In
extending official prices, with or with
out change, for another three months,
but there is growing feeling in favor
of an early return Of the industry to
a free basis.
The action of one railroad in seek
ing legal release from an assignment
to its cars bought at high prices by
the Railroad Administration and the
possibility, of like steps in other cases
bring the question the whole price
structure. SO far as agricultural bars
are concerned. the SIS concession made
several months ago may yet turn out
to the advantage of the mills, since the
contracts are firm and were in line
with definite prices for implements
and for the farmers wheat.
The plans Of leading independent
steel interests for the formation of
an export company under the webb
act are rapidly taking shape AL
ready 28 companies representing an
ingot production of 20,000,000 tons a
year have given informal approval
and a New York charter will soon be
secured for the Independent Steel
Product corporation, taking in a very
large part of the capacity outside the
Steel corporation. A marked reduc-
ton in the amount of steel exported
through merchant firms and brokers
will result from the new organization.
The cooperating companies plan to
devote about 10 per cent. of their
output to export trade regardless Of
fluctuations in domestic demand.
Nothing definite has developed con-
corning the large amounts of pig iron
and steel said to be required for
Europe. The need is not immediate
and the supply OF Sh1S is proDieIl-
NAUTICAL.
Automob bile manufacturers are
pressing for early deliveries of sheets
and other forms of STEEL some Of
them expecting to resume the manu-
facture of pleasure cars on large
scale by Jan. 1. Their orders, for alloy
stee1s will partly occupy some cleo
trio furnace capacity that has been
devoted to steel for guns.
The leading interest has not been
soliciting business and that policy may
continue until it is definitely known
how long some of it's important plants
will be kept on government work.
In both pig iron and finished ma
terial neither buyer nor seller is
making commitments for the future.
The continued cutting down Of coke
supply by influenza is limiting pig
iron output and this will tend to hold
prices. Weakness in odd material
ordinarily affects pig iron, but has
not done SO as yet.