The New York herald., 1921-08-28
STEEL MARKET Is
IMPROVING SLOWLY
Reported Tin Plate Price Out
by Steel Corporation Gives
Trade q Jolt.
REDUCTION THEN DENIED
Sheets Only Prominent Prod
uct Lowered in Value
Since Aug. /.
REDUCTION THEN DENIED


PITTSBURGH, Aug. 27.-rhe event OF
the week in Iron and steel circles was
the alleged announcement of Judge u.
III. Gary, chairman OF the United States
Steel Corporation board, that the prices
of independents on sheets and tin plate
would be met by Its subsidiaries. For a
while 1t stirred the trade here very con-
siderably. until the denial came that tin
plate would be reduced. Sheets had
fallen off little in price In the early
part of the week. anyhow, but when the
story simmered down to it's bottom
there was little change in market condi-
tions. Steel prices are not affected by
increasing dullness, as they do not de-
cline In times like these except as they
are tempted downdard by the chance OF
booking orders through making conces-
sions. The only decline In regular quo
tations for the prominent steel products
since the beginning Of the month is In
sheets, and the sheet market has been
relatively active.
The Improvement in steel demand that
began in the middle OF July was not a
false start although It Is hardly per-
ceptible, owing to the fact that it was
down to a very low ebb before that time
and the trend toward normalcy is grad
1al. Steel prices IL anything are steadfer
than they were q week ago.
Concessions from the open or general
prices ore still obtainable on particu-
larry attractive orders. Buying Of steel
steel producers believe that buyers do
not have confidence in the future of the
market, and insist that prices cannot go
as low as some predict. The United
States Steel Corporations wage reduc-
tion, to become effective August 20. puts
It's rates on level with the highest lately
paid by the independents. and Is ex-
pected to Increase the faith of some
buyers who had been criticfsing the
corporation for paying higher wages
than necessary.
Pig iron producers are much firmer in
their price views and many have ad-
vanced prices. 1t appears that there
was a considerable turnover recently at
the lowest prices. A merchant furnace
in the Youngstown district Is blowing in
on foundry iron, and another may go in
shortly. The general tone of the pigiron
market has improved somewhat in the
week. Producers of basic iron have
marked up their asking price to $40 :
furnace. the market price OF SIS, as
made by recent sales. being regarded as
altogether too low in relation to costs.
present and prospective. An inquiry has
just come into the market for 1000 tons
Of basic iron, but the analysis is dis
tinctly special In character, and conse-
auently the sale. IL made. hardly will be
indicative of the market level. A sale OF
400 tons of Bessemer iron has been made
Mt $40. valley, the figure previously rep
resentative of the market. Some fur
naces have advanced their quotations on
foundry iron 81 a ton to s20.50. The
o< tu toH Ia
mer, $50; basic, SIS to $40; foundry.
$3.50 to s2050. Those prices are. Z. 0.
b.. valley furnaces. Freight to Pitts
burgh is s1.96.
Spot Coke Unchanged.
The spot furnace coke market re-
mains quotable at $2.90 to SO for stand
ard coke, which, of course. Is all that
can be quoted. There has been this week
a distinct increase In inquiry for heating
coke, seasonable development. Re-
tail dealers are expected to lay In a
supply at the outset for distribution to
consumers In the next couple of months
as a preliminary TO the regular winter
distribution. Foundry coke remains in
fair demand and standard grades con-
tinue quotable at 81 to $3.50, according
TO brand. In the last week or two there
has been occasional inquiry for contract
foundry coke, consumers desiring protec-
ton over the winter. The market is
quotable as follows: Spot furnace, $3.50
ass; contract furnace. s39s3.25; spot
foundry s4@s4.50.
Steel sheet orders coming out at this
time are not averaging in many cases
over single carload lots, on which ship
ment Is desired Immediately. Jobbers'
supplies are low and they are buying in
slightly better quantities. Operations of
sheet mills In this district show no
change. Shipments of No. 81 gauge
black for Japanese consumption con-
tinues to go forward, although Japanese
demand for It has fallen eff. Some
tonnages of black and galvanized sheets
have been shipped at O recession recently
by certain mills. but the price of 2.75@
375 cents base Pittsburgh for black and
galvanized No. 2S gauge respectively
usually is quoted. On blue annealed
sheets the price of 2.25 cents continues
to prevail.
An Improvement In the volume of or
ders for tin plate Ia noticeable, although
the tin plate situation IS advanced not
far enough to reflect much of n change In
operating schedules Shipments continue
70 be made against stocks. Sales of
SETS a base box OF 100 pounds Pitts
birgh, which usually Is the going price.
II is claimed by some that profits are
wiped out at that figure. Material Is
being sold out of stocks as low rs $475
base Pittsburgh. although such sales
usually are found to embrace special ar
rangements. Tn last week or ten days
has brought increased demand by can
rtcrs, due principally to the fact that the
peach crop in California was larger than
expected. A slight increase In orders
from Gamers catering to packers of sar-
dimes on the Maine coast also is no.
ticed. Expectations are that demand for
tin plate during 1922 will be heavier
than Il has been at any time for years.
1t usually Is the case during times OF de-
preston that the public buys consid.
cradle quantity of canned foodstuffs. and
this year has been no exception. De
steel Pipe Demand Better.
There has been an Improvement In
demand for standard steel pipe, and al
though the tonnares are not large the
aggregate Is sufficient 10 reflect de-
cided Improvement in the general trade
tone. OIL country requirements still lack
interest, although hope that when manu-
featuring companies get their plants un-
der way again the demand for that
product will come to the front Is enter
tained. Discounts on standard pipe are
being we'll maintained, although those
applying on line pipe and oil country
goods are slightly off. makers finding
considerable competition In the field and
a desire TO got business on every hand,
although Il means shading prices. The
demand for wrought iron pipe also Is