The sun., 1919-07-22

naBeS within the next two months be-
cause of their increased operating rates,
they show very little disposition TO take
hold.
Heavy Melting steel at $50.
Heavy melting steel actually has
brought $40, delivered to mills in the
Immediate Pittsburg district and as no
higher price has been reported IL seems
to be the top of the quotable market
A little buying probably would send UP
the market, as there is not much offered
at that price.
The American Chain Company re-
Gently reduced prices on ordinary chain
which led to the consideration of re-
ducing the price of bright chain by the
other manufacturers, but at the last mo-
| ment 1t was decided not to do so, and
the market is steady on the basis that
came to rule early in the month. TAX
ing the general run OF tonnage, the aver
age reduction probably would be between
a cent and a cent and a half a pound.
For a time some competitors of the
American Chain Company were nom
| plussed by the reduction, but soon set
tied down after the furry was over and
the whole chain situation is fairly
smooth.
There is a fair demand for hoops and
|
capacity than is the demand for mer-
chant bars. Prices on hoops seem to
be fairly maintained on the regular
basis, sos cents with recognized extras.
For a week past there were rumors that
bands were being sold by some interests
on the old band card, which would rep
resent cut of $40 a ton, but 1t can be
stated positively that several important
producers are making no concessions at
all. They explain that production costs
would not admit of such concessions,
which the trade easily understands, as
all production costs are higher than be-
fore the war.
Many sheet mills have been booking
orders at rates in excess OF their ca
pacity and thus, even IL they are esA-
Grating at near. IL not quite, capacity
they are accommodating a large tonnage
OF backlog business. Sheet mill opera
tons are averaging between So and 90
per cent of capacity The leading in
terest is operating sS per cent. OF its
sheet mills, against 50 per cent. last
week, and any change in the direction
Of operation will be to increase. Several
independents are operating full. The
market is quoted steady at regular
prices. shading being very rare.
Steel Ingot Production Gains.
The report of the steel ingot produc.
ton, published a few days ago, shows
that the increase is so pronounced that
there can be no question of the steel's
demand continuing. The circumstances
on the whole, are strongly suggestive
that Improvement is more noticeable
every week. although this month an.
next will not show up so well as wi.
later months, owing to weather condi
| hot
the great difficulty about the industry
is the distribution of demand, which IL
| very poor. There is excellent demand
for some products and poor demand fol
others. The lap weld departments Ct
the pipe mills, constituting their chlei
tonnage output, are filed. some Of them
to the end of the year. and their outpu,
cannot be increased further. The mai
departments OF the wire mills are filled
and cannot consume any more steel, nc
matter what the demand. The shee
mills are almost UP to their limit. Or
the other hand the rail. plate and struc.
tural mills have little work, and avTag
ing the three they are operating a. ,es.
than so per cent OF capacity and with
out much tonnage ahead.
The local pig iron market while na
as active as in June is still not without
life. there being a fair running demand
Chiefly lTOIIi COHSuiHcIo parity puS uO
fully covered for the half year. The com.
plexion of the market has changed. II
is largely a sellers market. and buyer:
pay it's prices without quibblng. The
market is quotable as follows Bessemel
s2795, basic S25.75, foundry S36.75
forge $25.75. Those prices are (. o. b
Valley furnaces. freight TO Pittsburg be
ing S1.40.
The unusual record was made by thu
I L. d
not only recouping the production los
resulting from observance OF lndepen
p dence Day. but registering heavy gail
In addition. Not only was there tn
considerable increase Of $4,000 tons IL
the weeks production but 532 oven
were added to the active list The spo
furnace market is quiet, but that o
contract furnace coke shows increasing
strength, while foundry shows decide'
| upward tendencies, the Quotable rang
& being s475Q $50.