The New York herald., 1921-04-03
STEEL MARKET IS
BEGINNING TO GAIN
Takes Turn for the Better Dur
ing Week-Demand Small,
but Increasing.
STOCKS ARE DEPLETED
Call Is Mostly for Carload Lots
and for Wide Distribu-
.. tiOn Of Products.

Special Despatch to THE NEW York HERALD.
PITTSBURGH, April 2.-It is evident
that turn for the better has been
rounded In the iron and steel business,
and although the demand for steel prod
ucts is not large 1t is on the increase.
mostly because Of releases on suspended
orders. The demand is almost entirely
for carload lots and widely distributed.
The Improvement reflects depletion OF
stocks rather than an increase in con-
sumption due to the advent of spring,
which leaves an opening for further
seasonable improvement in demand.
Stocks of considerable size remain to
ba. Iiquidated, and buyers having such
stocks are not seeking lower buying
prices, being disposed rather to support
the United States Steel Corporation in
it's policy of standing by it's former
prices, which are slightly above those
of the independents. in a dull market.
The general level of prices in the inde-
pendent steel market shows no further
decline except in standard steel pipe,
which has been going for an extra con-
cession of 2h per cent, or about 81
ton. Bars, shapes and plates are quot
able for as high as they were a month
ago, and concessions obtainable from
the carload price are hardly as great
as might have been had month ago
Operations Of the United States Steel
Corporations mills are declining with q
slow rate. averaging somewhere between
40 and so per cent. Of their capacity.
The independents are trailing along with
between Is and 20 per cent. of their
capacities. It looks as II q considerable
increase in actual consumption will be
necessary to raise the rate of production
very materially.
There are some slight signs Of
broadening in the pig iron market in
the next few weeks, due to consumers
having depleted their stocks. There has
not been much movement in basic pig
iron in the last week. it having dropped
from $25 to S23. The merchant fur
naces have concluded to let the market
stay with the steel works until the lat
ter have sold all the iron with which
they care to part, according to those on
the inside. The Allegheny Steel Com
pany bought 500 tons Of basic on the
basis of about $23. valley. Bessemer
iron has been offered freely for s25,
valley. against the former nominal quo
tatlon of s27. Foundry iron remains
auotable for s25, valley. With very
little current demand the market stands
at those flgureS.
Coke Business Picks Up.
The first furnace coke business of any
consequence for weeks has just been put
through, a supply for the Perry furnace
at Erie for the second quarter of the
year having been bought The coke was
sold for flat price, stated to have been
$3.50 or not much under that figure.
on the basis of that transaction the coke
market appears to be on the UP trend as
TO prices. Furnace coke for spot ship
mcnt and of good grade as regards
structure and analysis but weathered on
account Of standing on tracks can pc
bought without difficulty for "a.
Foundry coke which has been at rather
a large spread over furnace coke or
late, Is a shade easier as to ordinary
brands. being obtainable in fair guam
tity for SIS, against s5.25 a week ago.
The best brands are still held for con-
siderably higher prices, one favorite
mako being for S6. and selling in limited
quantities for that figure. One asking
price Is $3.50.
Merchant steel bar buying is confined
to small lots to fill absolute needs, OPP
erations among consumers are en-
curtailed basis and the tendency every
where is to postpone purchases as long
as possible and, when necessary, IN
uuiries which develop into orders of ap-
proximately 50 per CEN. less than the
quantity on which prices were asked are
issued. Makers are not so eager TO
offer concessions as they were recently.
Although cents base, Pittsburgh. is an
open quotation in many directions. eome
small sales were made on the basis OF
215 or 225 cents, the latter figure ap-
plying on carload business. The Car
nerie Steel Company still maintains the
2.35 cents base, Pittsburgh, price, and
is able to complete from time to time
small sales 10 It's regular customers.
"a little tonnage in refined bars Is
moving, although Inquiries are few and
far between, coming In for small lots.
Operations among the manufacturers
are on a low basis, and In some cases
mills arc working spasmodicaily as
small orders accumulate.
A limited tonnage of cold finished steel
bars is also moving, as automobile COM
panies not only are releasing suspended
tonnage but are issuing new orders Al
though single carloads are the rule. ex-
ceptions occur from tima to time when
three or four carloads are specified NO
great amount of tonnage Is represented
by any transaction. although the aggre-
gate with some manufacturers Is said
10 be encouraging. While the Ameri-
can Steel and Wire Company is still
maintaining $50 cent price, base
Pittsburgh, 325 cents Ia quoted by sew
eral companies. Cold finished bars are
considered quotable for to $50 cents
base, Pittsburgh.
Plate Business Gets Impetus.
A slight impetus has been given TO the
plate industry through the issuing OF
two very attractive Inquiries, the first
for 200 tons and coming from q boiler
manufacturer at Sharpsville. Pa, and
the other was from a construction COM
pany in Pittsburgh that is taking quota
tions on 1900 tons OF plate. said to be
required for several jobs. 1t appears
that the market is somewhat stronger
than 1t was a few weeks ago. as quota
tions filed OH that business are around
40 and els cents, base, Pittsburgh.
As several companies are anxious for
tonnage for cents. however. the mar
kct is considered quotable for 2 TO 2.65
cents the latter being that of the Car
negie Steel Company. several carload
orders have been placed recently, and
some Of themgbrought 2.25 cents. Prices
on structural shapes vary from 2 to 2.10
cents up to 2.45 cents, base, Pittsburgh,
the latter being the United States Steel
f'nrnornffon'g level On structural ma