The sun., 1919-06-02
CUTS FETCH ORDERS
IN FINISHED STEEL
Billets Are Likely to Go Up
Sheet Bars in Heaviest De-
mand Since Armistice.
Special DespafcA 10 tn, SUI.

prices OF March 81 are being cut. az
cording to Information obtainable here
but that does not indicate that IN,
market is weaker. but the reverse. For
merly the market was virtually normal
producers holding to the recognize,
prices because they did not know wha
else to do, and feeling that II any cut
ting should start the bottom would dro,
out Of everything.
NOW there seems to be a genuine mar
kct and actual values are either Mt IN,
recognised levels or only sl,Rhtlv lecs
Probably ~ ton would cover the great
est cuts that have been made in an,
finished steel commodity, and such re-
ductions are altogether exceptional
Usually IL concession Ia made to OBJ
tain an order It Is only from 81 10 ~.
one Important thing 10 suggested ir
the increased activity Of the finiahet
steel market. and that IL, II there shouIf
happen to be regular ana recognized
decline 1t would be OF small moment
me reductions of last December wer,
about IS ton on most products. whit.
the March reductions were IS on wire
products and "a on other finished steel
At those times the reductions were re.
garded as small rather than large, hspc,
the Idea OF those who expected furts,e,
reductions was that the next would bs
large Certainly large interests are adj
herring rigidly TO the March 81 prices
Along the line OF iron and steel scrau
there is virtually consensus that heayy
melting steel will so to about $3.50
holders OF scrap are keeping material
back awaiting the price, and dealers viii
not let so any Of their stocks. Con.
sumers are not buying In anticipa ton
OF higher prices. however, and as their
wants at present are light and fairly
well supplied by previous purcha ses.
they are doing scarcely anything.
Heavy Melting Steel II Firm.
Heavy melting steel Is quotabie fairly
ana squa ely at $16, delivered. The
Carnegie Steel Company will pay n nj
price and possibly one or two other buy-
ers In the immediate Pittsburr district.
while the price can also be obtained al
YOUNGSTOWN and Canton, where figures
are frequently . shade higher
eornss ana turnings are moro or
less OF drug on the market. Offerings
are limited. but few Of the steel works
pare Tor the material and none of the
blast furnaces want It
steel producers assert that prices on
billets and sheet bars are too low and
there was q well defined report last
week that biliets will be advanced from
$3.50 to si1. Sheet bars, now s42,
might not be advanced. as It may be
considered. advisable to establish the 81
spread, which was not adhered to before
the war but was always put forward
as the proper spread for 4 respectable
market. There is little demand for bill
lets. either domestic or export.
Sheet bars are In considerable demand.
the heaviest perhaps since the armistice
was signed. and there is even some
export sheet bar demand included In
the reckoning. Billets and sheet bars
are held quite stiffly as to price, even
In the case Of export business.
Contracts are being made for steel
bars. which Is new feature In the
finished steel situation, and II IL the
first time In a long while that any con-
tracing has been done In any finished
steel line except that Of tin plate While
the number of contracts IL not large
1t is enough to show that there is
disposition In this direction among GER
tain classes Of buyers. The contracts
cover the third quarter only and have
been by implement makers and general
line buyers Apart from this there has
been slightly increased flow Of orders
for steel bars. this promising slightly
heavier merchant mill operations
1t seems safe to say that the steel
market decline predicted recently for
June in so many quarters will not &C.
cur and that II there is any further
decline 1t viii not be In less than three
months. A prediction OF that kind must
he made subject to the provision that
II large numbers of orders for construc-
ton steel were offered there might be
a decline in order to start such business
going.
Pipe Mills Become Busy.
Orders have Increased In tubular
goods, jobbers are distributing more
merchant pipe than Tor some months
and prospects for next month are good.
Pipe mills are receiving orders to the
extent OF 70 per cent. of their capacity
and prices are moderately maintained,
with the leading sellers adhering strictly
10 the regular schedule.
A good demand developed for tin plate
last week. although in the main it hardly
altered the general condition, which is
the slowest in the history OF the indus
try. Prices are we'll maintained as to
regular mill lots There is some shading
OF prices at second hand, while various
lots OF tin plate, made up for war pur-
poses and quite out of line with current
requirements, are offered at big dis
counts.
The pig iron market has not shown
any striking developments. Buying in
this immediate district Is light, but in
other districts It is somewhat heavier.
particularly in the East, although this
may reflect the winding up Of old con-
tracts. not necessarily indicating that
consumption has increased. As COM
pared with two months ago the con-
sumption Of steel making iron has de-
creased, while the consumption OF foun-
dry grades has increased and the total
consumption may not be altered ma
terially.
The pig iron market is more or less
soft in all districts, but there have been
no open declines to speak Of from the
price of March 81. The Valley furnaces
generally are quoting prices unchanged,
as follows: Bessemer, $27s5; basic.
s25.75: malIeable. $685.; foundry
}2675; forge, S25.75!
The Improvement in the coke market
which began three weeks ago continues
without indication of a recession. The
spot furnace market shows a gain of 25
cents, and is now quotable at $3S5 to
81, a condition reflected by the virtual
absence of spot offerings and the sharp
TO the limits of requirements.
Operators are becoming bullish on sec
ond half contracts and furnaces in turn
express no Willingness to make bids.
rrxx1 xxxr,DrDYU " TYYDn HADYET