The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-06-05
DULL STEEL PERIOD
ARRIVES BEFORE DUE
Usually Does Not Appear I'm
til Northumberland
is at Low Point.
BUYING Is MUCH LIMITED
Mills Operated at About %
Per Cent. of Capacity During
Last Month.
BUYING Is MUCH LIMITED

Epectdl Despatch to THE New YORK HERALD.
PITTSBURGH, June 4.-The dull period
due in July. has made it's appearance In
the iron and steel market and il is
considered impossible for the industry
TO get in worse condition as to de-
mand for material. Buying and speci-
Tying Is Of extremely limited character.
and the indication is plain that steel mill
operations. which have been decreasing
during the last month. will be lower
still by tho middle of the month. The
opinion that actual consumption of steel
Is In excess of its present production.
~ In other words that stocks of steel
gre still being liquidated, is common.
Operations of steel mills averaged
about 81 per cent. in April and ran at
least couple of points less during last
month, although actual figures are not
available. For this month the predic-
tons are about Is per cent of capacity.
Those percentages are not to be con-
trasted with 100 per cent. however as
a 100 per cent. operation of the present
capacity has never been reached. The
average in the first nine months OF 1920
was about 80 per cent.
AS to the business situation, the steel
industry regards II as one of continu-
ance of liquidation, with certain prices
and wage rates still too high. 1t re-
CARDS its own prices as far below the
level of those that most require adjust
ment to bring everything in line AL
though prices of the regular mill prod
ucts will doubtless be lower before they
go higher the greatest reduction re-
duired Is ir the cost of construction
work in general and Of wares made
from steel as they are sold to the gen
eral public or the ultimate user. Steel
prices developed about the middle of
April are we'll held on the usual run
of orders going and are for very small
lots.
The pig iron market continues as dull
as ever, and as the proverbially dull
midsummer is almost here furnacemen
are not looking for any early improve
ment. Pig iron buying movements, how
ever, often have started In August and
therefore the producers feel that they do
not have very long TO wait for a chance
Of Improvement. AS for considerable
time pig iron prices have suffered slight
1y when fresh buying occurs. Bessemer
iron, formerly quotable at s24. valley,
has sold lately In single carload lots at
$23, now its actual market price. AL
though larger lots might be subject to
concession, there is no disposition to buy
in larger than carload lots. In basic
iron two 1 900 ton lots have been bought.
resulting In a shading OF the previous
market by 25 cents. the new price being
s21.75. On small inquiries for foundry
iron S23, or q so cent cut has been
quoted. The market stands as follows:
Bessemer s23; basic Splits; foundry.
s23 to s24. Those prices are (. o. b.
valley, freight to Pittsburg being s1.9e.
Coke Market stsgnant.
With the Connellsville region operat-
ing at less than 10 per cent. OF capacity
and with no immediate prospect of the
iron industry's requiring more coke
soon, the coke market is naturally stag
nant and operators are simply watch
ing the iron and steel industry for
signs of improvement Although $3.50
still Is done in occasional transactions
on good grades OF standard furnace
coke, when the buyer. not blast FUR
mace interest. Is particular about quail
ity. there has been more business at
ss25. Some standard foundry coke can
be picked up at s475. but the sales at
81 have predominated. Some particu-
larly favorite brands are priced for
more than IS, although a good standard
selected seventy-two hour coke can be
had for S. The market as a whole Is
ouotable as follows: Spot furnace.
ss.25 to $3.50; spot foundry, s4.T5 to
S5.25.
In the sheet market there has been
a falling off IN automotive demand. es-
pecially among the independents. Speci-
ncations. however. still are being re-
celved by the leading interests from
automobile builders, and although they
are for the most part fragmentary,
representing week to week needs, they
are Indicative of an approaching I'M
provement In sheet business. Various
reports are current In regard to shad-
ing under market prices of $40 cents
for blue annealed, cents for black
and cents on galvanized sheets. but
so far as reported the only concessions
available In this district are on certain
limited stocks in the hands OF small
lobbers who have to liduidate them.
Buyers OF sheets report that mill prices
as stated herein before generally are
adhered to- Other industries outside
OF the automobile trade continue 10
take only limited tonnages of sheets
as needed.
There Is business in tin plate. al
NDOukn COUllntu 10 sinai iOAHs hupiltdA-
ing conditions in other sections of the
steel industry. which IL true of tin
plate at a time when that industry
should be booming. and the consensus
of opinion among tin plate producers
Is that huge demand Is growing and
Will engulf them during the last half
OF the year Practically the only ac-
tive tin plate consumers are packers OF
condensed milk no business OF any con-
sequence coming from fruit or vege-
table packers. The usual order Is a
carload, although at times two to seven
cars are specified.
Little scmi-Finishcd Demand
On production plates S. 25 base box.
Pittsburgh Is the price. although on
stock plate as low as $50 has boon
done. Ordinarily In busy times Gin nj
require approximately six weeks 10 pro
duce tin plate on specifications. and
with the industry averaging 30 to -
per cent. OF capacity. users should he
anticipating their June and july needs
now to be assured Of delivery Some
mills are operating considerably more
than IS per cent. OF capacity. and the
weirton Steel Company reports 90
per cent working average. but there
are other mills at much low 20 per
cent. bringing down the average
There Is very little demand in the
senl-finshed steel market and only oc-
casionally are there Inquiries for sheet
bars. forging hillets. sltelp or wire rods