The New York herald., 1921-08-15
SOME STEEL LINES
SHOWING RECOVERY
Mills Are Reported as Turning
Away Orders Offered at
Too Low O Price.
FOUNDRY IRON STOCK Low
Weeks Shipments by U. s.
Steel Corporation Larger
Than for Several Months.


PITTSBURGH, Aug. l4.-Production OF
steel ingots In July reached an average
Of about l1.o0o.ooo gross tons year.
or 81 per cent of capacity, while at the
middle OF the month the rate was
shade under 20 per cent. This will
probably remain In history as the low
est percentage rate OF steel operation.
Production is now recovering slowly. A
25 per cent. rate is likely to be reached
this month, and it seems an easy guess
that the last quarter of the year VIII
average between 80 and 40 per cent.
An increased demand has been made
upon the mills for finished steel. a deh-
mite Improvement in inquiry was notice
able by the middle OF July. Up to this
time engagements have been almost en-
trely for steel imperativeiy needed but
interest Is being shown by buyers who
could postpone buying If they believed
they could thereby get lower quotations.
There Is contest of wits as to
whether $50 on bars and s1.60 on
plates and shapes will be forced even
tually, with freight rates as they are
and wages on the basis Of about 80
cents an hour for common labor. Buy
ers seem to expect this, while mills in
slst 1t will not be done. As the open
market is s1.75 on bars and $1.s5 on
shapes and plates, with some conces-
slons, the trade has got down to some
close figuring, as compared with condi-
lions not SO long ago, when 81 to 80
ton would come Off at a stroke
OF the various branches of the finished
steel trade, sheets are making the best
showing, with demand from virtually all
quarters, although In conservative ton
na1es. Black and galvanized sheets
are being bought by jobbers IN the
Southeastern States. particularly In
South Carolina and Georgia, where, be-
cause Of conditions due to cotton, no
buying Of sheets was noted for several
months. Galvanized sheets for car roor
repairs continue in good demand, ana
rush shipments on an increasing scale
are desired.
AnneaIed Sheets at Low Price.
Blue annealed sheets are quotable as
low as 240c black at &c. and gal
vanized at 4.00c. although the Ameri-
can Sheet and Tin Plate Company con-
tinues to quote 2.65c, 325c and 4.25c. re-
spectively, Pittsburgh base. No con-
tracts for automobile sheets are being
signed to replace those being worked
out, makers being content to take
business at the market prices, although
in many instances these levels repre-
sent prices below cost OF production
Shipments by the leading interest for
the last week have been heavier than
in any similar period for several
months.
Tin can makers continue to receive
specfications against their contracts
which in turn are reflected upon the
tin plate mills in increased operations,
although there is little new buying IN
sight One local producer has op-
Grated on the basis OF 30 per cent
of capacity for the last three weeks,
but the general average for the whole
industry appears TO be about 25 per
cent. While some mills still have an
official quotation of $3.50 base box,
Pittsburgh. others for the protection
of their customers are meeting the Soao
Steel Corporation level announced in
New York on August 2. Vegetable
packers announce the tomato yield this
wear Will not compare with former
years and on the whole tin plate buy
ing for tho remainder OF 1921 is not
promising.
The pig iron market is as quiet as
ever but 1t is now being said that
slight signs are appearing OF low stocks
of foundry grade, so that the market
NAV soon get on a natural basis away
of dat nf gtnckS' that
las been making prices for some time
AS to basic iron, there Is no correspond
ing indication. The merchant furnaces
have quite a lot of basic, and the steel
works have still more. Bessemer iron
atocks seem to be somewhat limited
but as there Is no call for Bessemer
iron that does not help the market
Quotable prices remain the same as
last week, namely; Bessemer, $50;
rasic. SIS; foundry. $3.50. {. 0. b. valley
furnaces. Freight to Pittsburgh Is
sl96.
Lethargy continues TO mark the Con-
nellsyille coke market. Prices are !:
spot furnace. S290@3: contract fur
mace, $3@3.25 cpot foundry. $404.5o.
with basic pig iron at SIS. valley. the
market has got away from any level at
e,hich the coke operator could help the
furnace men out by making a price con-
cession.
Revival I'm Tubular Market.
The tubular market shows encourag-
ing signs of revival and spot buying
continues Most of the buying Is for
lapweld and buttweld standard pipe, in
t:icat,ng a continuance or the improve
ynent in the bu.lAing industry. The lead
ing interests as we'll as several inde-
pendents have turned down some line
pipe business because the prices at
which buyers would be interested were
below costs of production. These In
quiries involve four or five miles of line
pipe In sizes usually from four to eight
inches. There are no changes In quot
able prices, the regular discount being
allowed. Mill operations run about 80
For cent. OF capacity.
The undertone Of Improvement In the
fcrap marnet Is becoming more pro-
nounced Hoav melting steel has been
bought at s12, delivered to Canton. Ohio,
while the Sharon Steel Hoop Company
paid s12.60. a fair sized lot of COM
pressed sheets as well as cast iron bor-