The New York herald., 1921-11-20
STEEL BUYERS STILL
AWAIT FREIGHT CUTS
Production or Mills Not Ma.
terially Decreased in Sea-
sOnal Lull.

Special Despatch to THE New York HERALD
PITTSBURGH. Nov. 19.-Although the
finished steel market has been regarded
for the last four or five weeks as quieter
than formerly, there is no evidence that
production has materially decreased up
to date. October showed a rate of ingot
production of A per cent. and the rate
now is close to that figure. The ap-
pearance of Quletness In the market is
perhaps exaggerated by comparison with
the steady increase in activity that had
been seen for three months.
A slight tapering off in market activ-
ity is not unseasonal at this time but
ways to be observed unless the trade has
acquired such momentum that the sea-
sonal factor is obscured.
No unfavorable change has occurred in
Fundamental conditions making for steel
demand. Underlying conditions are
neither better nor worse than thirty
days ago. Some observers hold that the
steel market is unfavorably affected by
the delay in reducing freight rates. If
so. the responsibility really rests upon
those who had previously reached the
NOnCAuSlOHp upon liSQlllClenI premises,
that large reductions were about to oc-
cur. Steel prices in general exhibit a
slight sagging tendency rather than. an
advancing one, but there are no clear
cut declines. In most lines there is
quite a variety of prices depending on
the desirability of the order and other
circumstances.
The pig iron market, dull for many
weeks, may be described as stagnant.
t. .s..A.. H.
of any consequence. Occasional pur-
only in small lots of carloads to 100
tons. Some foundry interests are
operating fairly well. but they are COW
cred for deliveries to the end Of the
year. By far the greater part Of the
iron being shipped by foundry iron fur
naces is against old sales. In Besse-
rner and basic there is hardly any de-
mand, and the market is quotable as
follows: Bessemer, $40; basic, $19 !;
foundry, SCI. These prices are +. o. b..
Valley furnaces. freight to Pittsburgh
being $1.96.
The recent overproduction of furnace
coke. reflected in the reduction in mer-
chant output has left an impress upon
prices, which in the absence of any
strong absorbing power have yielded a
trife, so that $3.25. formerly the
minimum for spot furnace coke, lS now
the maximum that any seller really
hopes to obtain. The accumulation Of
furnace coke on track Is not large in
point of tonnage, but it is large In pro-
portion to current demand for spot
lots, since there is hardly any demand
that runs into tonnage.
There is no interest In contract fur
mace coke. The time to the end Of the
year is too short to constitute a real
contract period. while conditions in the
iron trade are so uncertain that fur
naces either active or potentially ac-
tive are indisposed to take UP the SUBJ
ject of the first quarter or first half Of
the new year.
Foundry coke has experienced a de-
cline of 25 cents, after having stayed
at virtually fixed range for a long
time. The coke market stands Quotable
as follows: Spot furnace, $3.109$3.25
contract furnace, nominal. s3.35G$3.50
spot foundry, 81 4@4.50.
Again has the sheet market been
thrown wide open with no stability to
the 3.25c. price on black sheets and
4.25c. on galvanized. Concessions of IS
q ton below that level are offered by
some producers, while concessions here
about below &c. on black and 4c on
galvanized amount to only SO a ton.
However. In other localities q few
makers are apparently quoting 2.75c.
on black sheets and 3.75c. on galvanized,
with 2.25c. on blue annealed.