The New York herald., 1921-05-15
New Prices on Pig Iron.

new IFIceS On
Pig iron continues to show softening
tendency, but when price yields now
the decline Is only fractional, 25 or so
cents. A few months ago prices were
being clipped by dollar or more a ton
at time. Foundry grade is now OBJ
tainable at $o3.50 Valley, against S24
last week. Bessemer remains at S25,
purely nominal figure. with no business
going, and basic Is considered ouotable
at $22.50 Demand for this grade has
been light for some time. but there are
signs that it will improve in a short
while, as there is less surplus pig iron
for the steel works to dispose OF.
A further decrease in output by the
leading interest of the Connellsville coke
region. and an increase by the inde-
rendent furnace and merchant pro-
ducers marked the course of productive
activity last week The net result was
a slight gain by both interests. the
larger being at the merchant plants.
The total stiTl held close to the avera ge
hat has prevailed with more or less
gularity ever since the present depres-
son struck its level.
The coke market being without inter
est, the only topic of discussion in the
trade Is the forthcoming F'rick scale
Speculation Is rife as to the rate OF
reduction. the preponderance of opinion
being that 1t viii be in excess of 20 per
cent and may go as far as 80 per cent,
which is about the rate OF reduction pro-
vlded by the new scale of the indepen-
dent producers, adopted April j. Coke
prices remain unchanged at $3.50 TO
1915 for spot furnace and $5 to $500
for spot foundry
Hardly any merchant steel bars are
being bought, and inquiries are at a low
- m old
contracts continue TO be received, par
tIcuiarly by the Carnegie Steel Conn
pany, but they do not give much en-
ccura cement Tn the case OF most or
the Independent producers much OF the
suspended tonnage has been gradually
worked off, and new business is exceed
ingly scarce In the inactive market
210c., base Pittsburgh, is being hrmiy
held.
Inquiries for refined iron have dropped
OF. and some producers get no chance
10 quote prices. A few gather orders
. from time to time from their regular
customers for small lots of bars. but
these have to accumulate over period
OF weeks before opera tions. even on a
curtailed scale. are possible. The nAni-
mum price on refined iron Is 2.75c., base
pittsburgh, while makers OF low phos-
phorus melting bars are quoting &C.
Outside of some activity among the
automobile companies the cold finished
steel bar market IL without feature,
R,yers are not inclined to anticipate
and are supplying only momentaIy
needs. The Ford Motor Company has
heen active recently in issuing releases
against old tonnages, and some otner
automobile manufacturers are becoming
more active in this regard. A few job
hers are filling out their stocks. but
many or these orders are considered un-
pleasant TO handle. as n single carload
may cover o nultltude OF sizes and
specify only few bars OF each size.
Local producers recently quoted Bloc,
base Pittsburgh, on the Government In
nuiry for a carload for the Brooklyn
Navy Yard. Another Government In
aulry now calls for 90 tons for Frank
ford arsenal. SO far as reported the
310c. price is firmly held.
sheet Bars Are Active.
A feature OF the semi-finished steel
market this week was the activity in
sheet bars Ono inquiry for 1900 tons
OF sheet bars came from n Western
user. but he 10 reported TO have closed
WIFI, MILL haviSs q more advantageous
freight rate than could be offered In
this district Pittsburgh user asked
for. 400 or .ons OF sheet bars. and on
being q the usual $40. base Pitts
hurgh, . said he had n lower quota
tion. A producers. however. are hold
ing 10 $40 level, at least In this im-
medlAt district.
InaLi los for skelp are few. One pro-
Queer losed recently on two lots Of
1000 .ons each with y customer in
CANADA. on the basis OF 2.2oc.. Pitts
burgh.
Forge shops are practically down.
hence tho demand for forging billets
has almost disappeared, and while some
companies have price higher than si2.
that seems to be the usual quotation.
slabs at s3s. AKA inch rerolllng bilIets
nj s37, and smaller billets at 500. find