The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-28
STEEL YIELDS TO
PRICE PRESSURE
Nearly All Lines of Production
Give Pronounced Evidence
Of REIMBURSEMENT.
OUTPUTS ARE CURTAILED
Coke Declines 81 a Ton Dur
ing Week, a Total Break
Of Sc in Fortnight.

The most pronounced evidence Of re-
adjustfaent as affecting prices has made
its appearance In the steel market dur
ing the last week. and, with only few
exceptions. nearly all lines of steel
products have yielded TO the pressure
against them. Production has suffered
additional curtailment. Coke has de-
cliRed "a ton during the last week.
making total break OF 20 a ton In
two weeks. Pig iron Is quoted at 81
20 ~ a ton lower. In many other cases
independent producers have come closer
to prices maintained since March. 1919.
BY tho United States Steel Corporation.
price declines are more general in
the iron and steel market" says the
Iron Trade Rovseto. I'm no week has
the trend OF the readjustment process
been more pronounced than In the
period just past. With few exceptions,
virtually all lines. beginning with coke
and pig iron and running through to
finished mill material. have yielded fur
Their to a condition OF contracted buy
ing and increased competition. In some
products the drop has been abrupt. Ac-
ccmpanying the descent OF the mar
ket, production has undergone addi-
tional curtailment through slowing down
| Of more mills and furnaces In all re-
spects, however. the movement has con-
tinued orderly and with minimum OF
pessimistic sentiment.
"All Indications point to the fact that
the recent retrenchment policy of the
automobile industry has not brought the
expected results Further holdups oil
materials have been served upon the
mills by consumers. A large builder has
SUSPENDED a considerable tonnage OF
bars. sheets and strip steel, the latter
amounting to ], 400 tons. with valley pro-
| ducers In view OF Its influence upon
| iron and steel costs. especially pig IRON
the outstanding news OF the week has
had TO do with coke. The market IN THIS
field has broken sharply and the net
drop in spot furnace coke In the week
| has been SIS a ton. Sales have been
made at s11, ovens. and lower 10 report
ed possible. The recent top OF the spot
market was over $50. ovens"
The Iron Age says: with no increase
| in new business the downward tendency
| of iron and steel prices has been more
pronounced. In coke, which has peen
the key to high pig iron prices foi
months, the week has brought 1urtheI
| decline OF 81 ton. making total OF
az In two weeks. Pig iron in turn Is
az TO So lower and In billets and IN
| several finished steel products, notably
plates and bars. independent producers
have come closer to the Steel Corpora
TONS prices.
more mills have reduced output
some of the lesser steel plants In the
Pittsburg and eastern Ohio districts have
been more than SO per cent. idle and siH
blast furnaces In these districts have
blown out While the Youngstown plant
of the Carnegie Steel Company is operat'
ing but half its open hearth furnaces,
the company as a whole Is running to 80
per cent. of it's steel capacity. and forty
Of it's fifty-nine blast furnaces are pro-
ducing.
mo change has been made In the
Steel Corporations price policy. and any
expectations of an advance by the cor
poration still centre in rails. concerning
which an announcement Is looked for be-
fore the end of the year
THE unevenness in order books with
the passing of a scarcity market has
caused a sharp cut in prices here and
there. At Pittsburg one bar maker in
need of tonnage took orders for several
days at the Steel Corporations price OF
2.35c and then went back TO minimum
of &C. On the Pacific coast one seller
went to 425c. for steel bars. equivalent
to 2.50c. Pittsburg"