The New York herald., 1921-03-06
DECLINE OF STEEL
PRICES IRREGULAR
Some Withdrawals Of Lowered
Quotations by Independent
Makers Noted.
NEW BUSINESS is SLIGHT
Placing Orders Depends More
on Readjusting Consuming
!. Costs, Is Trade View.


s-ee,aI Despatch 10 THE New YoSx HERALD
PITTSBURGH, March 5.-There has
been no continuity OF the decline OF
steel prices as quoted by independent
manufacturers, some prices openly
quoted last week having been with
drawn, although II Is still believed that
attractive inquiries would bring about
another lowering Of quotations. The
volume OF business actually obtained
by price cutting has been negligible, but
seems to have been expected by trad
ers. In some quarters il is thought that
The price cutting was started chiefly
with the hope or bringing about q re-
distribution OF business on books and
move the United States Steel Corpora
tion to reduce wages. If so 1t can be
said positively that neither object has
been attained. The Steel Corporations
customers are taking much less steel
from Ii than formerly, but do not seem
to be placing new orders elsewhere.
Inquiry among the trade develops the
opinion that the placing of steel orders
does not depend so much on readiust-
ment of prices as on readjustment or
cost of consuming steel or putting 1t
into employment. which means lower
wage rates In industries that use steel
and declines In market prices OF com
modities used in conjunction with steel.
No steel buyer has much doubt that by
the time he shall be ready to buy on
anything like liberal scale the steel
mills viii name fair prices. Three
months ago predictions that the indus
try would not see much activity be-
fore the second half OF this year were
made To-day the prediction is in the
form that there will not be great deal
OF activity at any time this year. A
mild revival in demand, however Is ex-
pected in April as reaction from the
phenomenal dulness that has prevailed
IN the last few weeks and reflection
Of the advent Of spring.
Coke Market Dull.
Demand for pig iron in any grade is
still very weak. Last week and at be-
ginning OF this week there were inquiries
for lots of up TO 500 tons. but as the
largest inquiry represented merely
days output of a single furnace the In
quiries did not make business worth
mentioning. Bessemer and basic iron
quotations are not changed from those
OF week ago and foundry iron is quot
able as $3.50 lower. or $3.50, valley,
which has been made on several occa-
sions The market stands quotable as
follows: Bessemer, s27; basic. s25;
foundry. $3.50. (. o. b. valley. freight to
Pittsburgh being $1.e6.
The coke. market is without incident
OF note, but as the iron and steel trade
has made some progress toward read
iustment that condition Is bound to have
Its effect on the coke market in short
time. A little merchant coke being
made, shipped and consumed. The guam
tity is far below the normal, even for
dull times. There are no sales In fur
mace coke, but there is q very fair de-
nand for foundry coke. It Is believed
that prices are down to bottom for as
long as the present wage scale shall
stand. Market prices are those OF the
last two weeks Spot furnace, si50I5:
spot foundry, s5.75 @ $50; contract fur
mace $50 5.75; contract foundry. $3.50.
There have been few inquiries for
merchant steel bars, although tonnages
represented by them were small Al
though 2.10 cents. base. Pittsburgh, APP
pears to be the lowest price named In
connection with any actual sale. 1t is
conceded that a tonnage probably might
develop cents price. The Carnegie
Steel Company continues to name 2.35
cents as It's level and claims to be book
ing new orders from time to time and
receiving specifications against old con-
tracts
Slightly lower prices ere available on
iron bars. due TO the fact that the pud-
ding rate for March and April is $3.50
ton below that applying for January
and February. Only a few inquiries
however. are developing and the chances
for fling quotations are not bright.
There are some tentative proposals, from
which orders do NOT develop. Common
iron bars are not made In the Pitts
burgh district, but inquiries are reported
70 be exceedingly low in number and
the Chicago maker quoting 3.06 cents
delivered Pittsburgh is encountering
competition from Eastern mills. which
are quoting 30 cents delivered Pitts
burgh. or 2.35 cents base, with a 35
cent freight rate.
sheet Trade Improved.
IN Improvement In the tin plate de-
n'snd is noted. although Il i5 far from
normal. considering requirements at this
time or year Small releases against
old contracts continue 70 be received and
u few new inquiries develop almost
every day. Those releases call for
March delivery and originate with can
makers. n specification received this
week calling for approximately 10000
boxes. The American Sheet and Tin
Plate Company maintains operations at
the ratio Of 20 per cent OF capacity and
a..