The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-14
STEEL PRODUCTION
GAINS IN OCTOBER
Rate Increases Half of One Per
Cent. Compared With Pre-
ceding Two Months.

Special Despatch TO TIE NEW YORK HERALD.
PIrTsBURG, Nov. 13.-The rate of steel
production increased half of l per cent
in October compared with that of Au-
gust and September, some producers in
creasing their output while lack of or
ders caused a decrease on the part of
others. With the general rate decreas-
pendents viii be down to a 90 per cent.
production by the end of this month.
With the exceptions of sheets and few
other less important commodities. the
prices of independent steel producers are
not falling very materially. which is
probably reflection OF the amount of
contract business on the books and light
ness of open market demand at any
price Black sheets are obtainable at
cents and heavier gauges Of blue an
nealed can be done probably at about
cents.
No. 2 foundry pigiron has been Of
fered by valley furnaces down to $40
furnace, which means a drop of 50 in a
week from the nominal market quota
ton. Basic iron is still quotable at
$3.50, valley, or SO less than the top
point, reached in August. The ease
with which declines have occurred sug-
gests that the market still has a long
way to go to reach the point from which
prices will turn upward. 1t seems to be
the common expression of the trade that
the first substantial revival will occur
i'm April. Whenever the Improvement
comes IL will start probably with rail-
road buying and II Is settled that II VIII
not occur until prices are on a saIe
level.
Trading in coke has been dull this
week and the market for spot furnace
fuel continues 10 be quotable at SS.SO
10 50, at ovens. Spot foundry coke COM
mands 81 a ton higher. Until the mar
ket shall have become settled IL Is
not believed that there will be much
contracting for the first half delivery.
There continues % be a difference or
opinion between consumers and oven
operators as TO prices for first half
year business buyers generally appear
ing to favor contracting on sliding
scale basis. The tendency OF oven
operators Is in favor of flat price
First half-year furnace coke is being
offered at $3.50. ovens, but in view OF
the declining spot market. which was
quoted at 81 less, furnace operators
are not showing any interest in the
market at that price.
with the sheet mills showing more
eagerness 70 get new business the mar
ket is quiet and easier. 1t is believed
that some makers have accepted book
ings at prices lower than those that have
been prevailing lately and a sale OF
2. 600 tons OF No. % black sheets at
cents is reported to have been made by
an Ohio manufacturer Some mills are
not quoting. but are rolling tonnages
against contracts and are well COM
nitted with orders. The quotable in
dependent price on No. % black sheets
A., nnears 70 be G 10 6.25 cents The mar
ket for galvanized sheets is quoted as
775 to s cents and that for No. 10 blue
annealed sheets as $50 70 b25 cents
Although the general range Of sheet op-
erations Is estimated at so per cent OF
capacity, the output has been restricted
and Il Is claimed that in some instances
IL is not more than 60 per cent of ca
pacity. Certain mills have had TO hold
down operations owing TO shortage OF
sheet bars.