The New York herald., 1921-01-30
FEELING IN.STEEL
TRADE IMPROVES
Absence of Panic or Large
Failures Through Liquidation
Relieve Strain.
BUYING LITTLE IMPROVED
September Is Earliest Time
Set for Distinct Better
ment in Demand.
BUYING LITTLE IMPROVED

Special Despatch to TIE NEW York HERALD
PIrrsBURG Jan. 29.--Although buying
of iron and steel products has no
undergone much Improvement In the
last few weeks there is a better feeling
In the trade. which, properly Interpreted
means that relief through the absence oi
panic or q large crop of failures as re-
suit Of iQuidations Is being felt.
promtyes sounder and moro health,
business conditions when the readjust
n1ent shall have been completed Pre-
dictions that there would be a distinc
Improvement In demand for steel prod
ucts by April have disappeared largely
the earliest time now set being mex
September.
The United States Steel Corporation
continues to operate at about 80 pei
cent. or better. but its operation prob
ably will begin to decline soon, prob
ably at the rate of small monthly per-
centage. Independent mill operations
show many stops and starts, the aver
ege OF all being about 25 per cent. OF
capacity, with slight downward tend
ency. The usual rumors of steel price
cutting are in circulation, but they NEAR
nothing, as mills in general are indis-
posed to make slight cuts. and certainly
cannot afford to make heavy reductions
1t 10 believed that eventually steel prices
schedule. but only after costs have beer
NQuidated. Manufactured steel products
In general are now low enough to reflect
even the present mill prices for rolled
products.
Valley pig iron Is down to $50. fur
mace, with no demand at that figure
A big interest here. manufacturing
sanitary hardware, bought 1000 tons o.
southern pig iron for it's Louisville plan
- - AA- sd pt-tx-t - ~,
Besserner and basic are unchanged. bu
1t Is recognized that on a firm bid fol
a. round tonnage iron could be had a.
lower figures than those quoted since
the beginning of the year. The marke
stands quotable as follows: Bessemer
S32; basic. $50; malleable. $50; foundry
$50. Those prices are fob. valley fur
naceS freight to Pittsburg being $1.96
Coke Shipments Suspended.
Because Of blowing out of additiona
blast furnaces further suspensions o
shipments Of furnace coke against con
tracts have been ordered. Coke opera
tors are making no effort to maintain
q senblance of coke market, although
there Is a basis for appraisal of values
AS the spot foundry coke market, whicl
is a definite thing, shows prices IT,,
same as have ruled for more than three
weeks, coke still has value. No fur
mace coke, SO far as known, has beer
offered on first half contracts or ever
on contracts for a month for less thar
Sc, and recently some furnaces bough
spot coke at IS. Thus the market be
comes quotable as follows: Spot fur
mace. SIS; contract furnace. Sc: spo
foundry. S6.50@s7 contract foundry
S6.75@$10 Furnaces that normally U.s.
Connellsville coke continue to go out o
blast until now nothing like half of then
are in operation, and those running hav,
no lease on operation and no one can sa,
that single furnace will be left work
ing, all of which depends on how sooi
demand for pig iron returns.
1t is said that concessions have beel
made under the 2.55 base Pittsbur
price on merchant steel bars, although
definite confirmation is lacking. Tn,
plants continue to operate with cur
tailed schedules and very little new
business has developed. The manufac
turers say that they have nothing t
gain by reducing prices at this tins
because the limited current inquiry doe!
not demonstrate very strong demand
The Carnegie Steel Company is oper
ating its bar mills on full time on bacl
orders and few new ones coming in
In refined iron bars makers report {
similar condition and are operating theil
plants on part time. No large tonnage.
are reported in orders or inquiries and
the market is dull. One large manu-
facturer in this district. whose produc
is made from pig iron. no scrap being
used, names a price of ESQ cents. base
PittSburR on refined iron bars.