The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-12-12
STEEL PRICES ARE
GENERALLY LOWER
Independents Cut Major Pro-
duets to Schedule of In
dustrial Board.
PIPES AT EXTRA VALUE
Rails Will Not Be Sold Down
to Corporations Level, Is
Strong Belief.

Special Despatch to TIE NEW YORK HERALD.
PfrrsBURG, Dec. 1.-THE Independent
market on tinplate. bars, shapes. piates'
wire products and sheets has settled 10
the Industrial Board schedule of March
81, 1919. adhered to by the United
States Steel Corporation. Pipe. how
ever. remains at an extra price on the
part of the independents. Billets and
sheet bars show no definite market, but
nominally, at least, the independent
market is above the Steel Corporation
level. There seems to be a strong be-
lief that the independents will not sell
rails at the steel Corporation or Indus
trial Board prices of s45 for Bessemer
and SAT for open hearth In most quar-
ters the amount of rail business to be
placed has been exaggerated. and rails
are now a minor steel product in COM
parison with bars, shapes. plates, pipe
or wire products.
There is not q great demand for steel
products. and some independent mills
are closed down entirely. but probably
only temporarily. Their common prac-
tee Is to close down for two or three
weeks at a time in order to accumulate
specifications for a fair run. 1t is not
economical to run a plant at less than
60 per cent of capacity.
Among manufactured steel products
cold finished steel bars. bolts, nuts and
spikes have been adjusted in price In
conformity with the decline In raw ma
terial. Rivets are being shaded. but are
not formally readjusted. Nothing has
been done in chain. Hot and cold rolled
strips are down to cents and cents
respectively, apparently for the purpose
of adjusting contracts.
Pig Iron StiII Stagnant.
The pig iron market continues stag
nant and there are no further price de-
clnes to report. Furnace men have no
incentive to mark down quotations, as
there is no. inquiry for prompt or ex-
tended delivery. AS furnaces have very
little business on books, the individual
stack is not particularly anxious to make
small sales for the first quarter or half
of the new year because If only a linn
tied tonnage should be sold, sales would
be an incumbrance rather than an adj
vantage, making it awkward for fur
mace to blow out Prices are. nominally
quotable as follows: Point bridge. $35 ;
basic, $50 ; foundry. S37
The spot coke market has turned alto
gether stagnant this week and there are
no transactions of sufficient Importance
on which to base market quotations. A
difficulty in the market situation Is the
fact that some operators do not make
definite quotations when they have coke
10 sell, but instead ask for bids When
consumers make bids in such circum-
stances the bids are much below the
ideas of furnace men. In spot foundry
coke there has been n fair demand, but
the buying has been tapering off, as
some classes of consumers have dropped
out of the market. Prices are down about
30 cents for this week. The spot market
Ia quotable approximately as follows
Furnace, 81 to $3.50; foundry. SIS to
$3.50.
Makers of cold finished steel bars re-
port slight increase in specifications
because they have reduced their price to
$50 cents Pittsburg, or IS a ton less
than the quotation of cents made by
the American Steel and Wire Company.
Contract tonnage is being shipped by in
dependents at the reduced rates. The
market continues extremely dull. how
ever. and operations have been cur
tailed by some producers to as low as
35 per cent of capacity, and others are
operating at the rate of about so per
cent Deliveries are being made more
promptly and average thirty days or
less for larger sizes and from four to
six weeks for smaller sizes.
DuIness In Steel bars.
merchant steel bar market, although a
small amount of business is being done
by Independents, as they have reduced
their price to 2.35 cents. base, Pittsburg.
Makers OF refined iron bars, whose OPP
erations are estimated at 80 per cent.
OF capacity, report that they have not
changed prices. New business coming
TO them is light but they are said to
lie booked up for the next four to six
weeks at their present rate of output.
Common iron bars are considered quot
able at 1888 cents. Pittsburg, in view f
the report that they are said to be Of
fered at s.25 cents, Chicago. and East
ern producers are understood to be
quoting around 4 cents. mill. equiva-
lent to 435 cents. Pittsburg.
The market for plates Is extremely
dull, outside OF some comparatively light
tonnages taken by Independent makers
at the reduced price OF 2.65 cents. 1t is
said that small lots are being liquidated
at low levels. a boilermaker having
taken n small tonnage at 2 cents, Pitts
burg. The market was slightly stlmu-
lated on account Of increased operations
by the Independents following their re-
ductlon In prices. Shipments are being
completed In fairly large volume. In con-
sequence OF which there has been reduc-
ton In untitled orders, the deliveries ex-
ceeding now business by large mar
gin, Il is reported. The market for
structural steel shapes also Is very dull
although small amount OF business has
been taken by independents at their new
price of 2.45 cents, Pittsburg Fabri-
Gators report that no new inquiries of
Importance are coming to them--and IL
is known that several Jobs are being
held up until the market shall have be-
come fairly well stabilized.