The New York herald., 1921-11-13
OUTPUT OF STEEL
INGOTS INCREASES
October Production at Highest
Rate Since February, but
Decline Expected.

Spscta, Despatch 10 THE New York HERALD.
PITTSBURGH. Nov. l..-;steel ingot pro-
duction In October was at the rate OF
about "A per cent. of capacity. the high
est rate since February and more than
double the rate Of last July. That pro-
duction probably rnarls the limit Of the
increase that began nearly four months
ago. but production Is likely to decline
for a while. A fresh increase is ex-
pected to begin early IN the new year,
perhaps in February.
A A per cent. mill operating Sp~|%
however. is a high one in the light OF
present industrial and commercial activ-
ity generally and the indisposition to
engage in large scale construction jobs
Building activity is at very fair stage,
but runs almost wholly to garage and
dwelling house construction. which does
not require much Steel
Although there are no definite de-
clines in finished steel prices. the
market as whole exhibits a sagging
tendency, rather than stiffening ma
ture. Bars and plates are easier than
they were a week ago. More indepen-
dent sheet mills are shading the ad.
vanced prices Of September. The United
states Steel Corporation has reduced its
tin plate price from $5.25 to $4.75 in
recognition of widespread shading OF
the S5.25 price by independent manu-
facturers. Prospects are that another
reduction will not be necessary. Shading
In tubular goods Is somewhat more
widespread but small.
Compared with the ten year prewar
averages or with averages Of 1913, steel
prices are lower than are commodity
prices In general and from that view
point liquidation Is more than complete.
In keeping with traditions Of the trade.
however. a slight further dip is probable
in certain products when buyers take a
substantial hold, which is likely to occur
by early spring, and prices then should
show a distinct advancing tendency.
The pig iron markets continue dull
and prices are by no means strong. In
the event Of reduction in freight rates
there will doubtless be a further aiqui-
dation in pig iron prices. The local
market has been stagnant for CONSIDER
able time and shows no change. Con-
sumers apparently foresee lighter opera
tions. but they are unwilling to have
pig iron in their inventories at the end
OF the year. Prices are not quotably
changed, but probably would yield a
trif1e on the appearance OF competitive
business, the market being quotable as
follows: Bessemer. $40; basic. $19. and
foundry. 81. Those prices are +. o. b..
valley furnaces. freight to Pittsburgh
being $1.96.
Last week showed no distinctly favor
able Developments In the Connellsville
coke market. but at the same time there
have been no distinct unfavorable hap
penings The market has simply weak
. ened a trifle In general tone because OF
no support. Although while $3.S Is still
the minimum quotation on really stand
ard furnace coke for spot shipment, the
upper range Of the market, $3.50, Two
or three weeks ago, and $40 a week
ago, is no longer feasible, $3.35 being
approximately the outside figure. In
foundry coke It has been increasingly
difficult to obtain $4.75 even on very
good brands. although that price some
times Is paid. The coke market Is quot
able as follows: Spot furnace. $3.50
1886; contract furnace. 1886 @ $3.50; spot
foundry. $4.25@H.75.
The Pittsburgh coal market Is very
dull. Except for gas coal, prices are
practically nominal at $40 to 500 for
run of mine and $3.50 to $2.70 for
screened. Slack Is offered for less than
$3.50. being in excess supply on account
Of the screening Of coal to supply gas
coal contracts.
The recent efforts Of independent
sheet manufacturers to establish 3.25
cents for black sheets and ABS cents for
galvanized, base Pittsburgh, appear to
have failed. and most mills are quoting
and 4 cents respectively. Although con-
cessions under the last named figures
have appeared to the extent of 81 and So
a ton, the concessions are not of much
consequence and have no beering on the
market. The leading interest notes a
slight falling of of new business but is
able to keep It's mills working at an 80
per cent. rate. Its October shipments
were equivalent to 80 per cent. OF those
In the biggest month Of the last three
years. Jobbers continue to order in fair
sized quantities. as do large users, and
demand Is well diversified. Blue annealed
sheets continue to be quoted by the lead
ing interest at $50 cents, but IS less
a ton has been done In other directions.
The cutting has been so extensive that
the market Is considered as 2.25 to $50
cents. Automobile body sheets, for which
there is limited demand, are quoted as
4.35 to 4.60 cents.
The hoop and band market is quiet,
although manufacturers In this district
are active for four days week and
much Of their product Is In narrow
widths UP to 2h inches. Occasionally a
carload or more OF strictly hoops and
bands are sold, but often narrow widths
are specified In connection with hot
rolled strips of wider size and heavier
gauge to make up single carloads. The
base price remains at 2.25 cents, Pitts
burgh. No cooperage business is being
reported.