The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-12-26
MORE STEEL BUYING
LIKELY AFTER JAN. 1
Shading of Prices Will Go
With Cuts in Wages by
Independents.
PIPE MILLS ARE RUSHED
Coal Quotations Slump in
Pittsburg as Navigation
on Lakes Closes.

Special Despatch to THE New YORK HERALD
PIrTsBURo, Dec. 25.-Several independ-
emit steel mills closed for over the holi-
days. having been shut down last night.
Such closing will be rather general IL
not universal. The Independents have
been running so lightly, on the whole.
that complete closing would not make
much difference. for 1t is doubtful
whether at the beginning of this week
the Independents as a whole were op-
rating at as much as 35 per cent. of
capacity.
The United States Steel Corporation
also closed over the holidays several
departments In many plants and one or
two mills complete, but this was done
either to make repairs or to allow de-
partments to catch up with those closed
In the production of steel ingots the
Steel Corporation Is operating at about
81 per cent, or at higher rate than for
months.
The common prediction is that there
will be a mild resumption of steel buy
ing after the turn of the year. Wage
reductions by Independent producers
have become somewhat common. though
they are likely to be far from general
even by January l.
Further restriction was noted THIS
week In the opera ton of coke ovens in
the Connellsville region. That policy has
been pursued uniformly by the ndepen-
dent operators, with the result that the
output of the region has never far ex-
| ceeded the market demand. Merchant
| operators who supply tonnage to the
open market have curtailed output
sharply. and those having the entire out
nut nn0Ar hoUa panuad fhair
production as near as possible to the
deliveries made against the contract
While S. ovens, continues TO be the
uuotable figure tor standard furnace
coke some sales are being made below
that figure. Foundry coke maintains its
position OF 81 higher than furnace coke.
Fancy prices for coal have disappeared
since the ending of the lake shipping
season, and progress toward a more get
tied market is being made This week
the lowest price heard of in recent
months was on lot of Panhandle
steam coal at $3.50 a ton. but as it is
contended that this Is below the cost of
production IL is not likely to be the quot
able figure in the market. The present
outlook indicates that ordinary steam
coal for spot or prompt shipment will be
around the s2.75 mark. Gas coal is going
10 bring more, being special grade and
also being screened which In itself
meansSat least % cents better Recent
ly 81 was obtainable for the best by
product coal, but even the highest priced
sellers admit that this price is out of
the question to-day.
Thus a fair appraisal of the market
to-day for spot or prompt lots would be
as follows: Ordinary steam coal, $2.75 to
SO gas coal, 1925: good grades OF by
product, S3.25 to $3.50, all per net ton
at mine.
The pig iron market does not seem
70 show any activity. furnaces being
unable TO make fresh sales as well rs
having many unshipped orders. While
their customers are not. cancelling, they
are asking FOR delay in deliveries, with
the idea of business clarifying itself in
few months. Foundry iron is still
at the $35 figure noted last week, with
basic, malleable and Bessemer I'M
changed also. The trade believes that
pig iron prices will go much lower as
competition develops and costs are re-
duced.
a few inquiries for small lots of alloys
have been made in the last week. and
1t is believed that some business has
been done at prices considerably under
those quoted by producers At the same
time it is evident that some inquiries
have been put out to test the market
Some interests are quoting S105. sea-
board, on 76 and so per cent. ferro-
manganese. but ii is contended that
this figure has been shaded consider
ably on English alloy. quotation OF
little less than $50. delivered. on so
| per cent. ferro-slicon is said to have
been declined by a prospective buyer
1t is reported that Is to % per cent.
spiegeleisen can be bought at $50 TO
$50. furnace.