The New York herald., 1921-08-18
Pig IRON PRICES UP,
STEEL LSALES GROW
Market More Promising Than
in Many Months-Orient
Here With Orders.

The week In IRON and steel is featured
by Improvement both in volume OF pig
iron buying and by advances In prices
from the low points. The expectation
OF some increase In steel operations In
the early fall is general. according to
the Iron Age, and 1t is based on evidence
that many consumers have used up their
stocks and must buy on q large scale.
This Is also forecast by the buying Of
pig iron on a scale not equalled hereto
fore this year, with producers of foundry
iron in all districts sharing In the busi-
ness. The Iron Age continues:
TN the last week furnaces In Chicago.
st. Louis and Buffalo. besides Ohio and
Pennsylvania districts. have advanced
their prices by 80 cents to So a ton In
an effort to limit the losses they have
been making on raw materials bought
last year.
"The situation in finished steel is diff
ferent. Steel works are being run and
none are dropping out Of the race. Buy
ers do not believe the low point has been
touched and are working close on stocks.
The Ford Motor Company in keeping as
far as month ahead OF the mills IS an
exception.
Wire products are more firmly held
than the leading heavy products. New
business Is coming to some important
producers at up to about thirty per cent.
OF capacity.
New car work and car repairs are
bringing further orders. Cars for the
Kansas. Oklahoma and Gulf Railroad
will require 5000 tons Of plates, shapes
and bars. A Chicago district car repair
shop is in the market for $500 tons
OF plates. About 10000 tons OF steel
will be needed for 1850 cars, and In
quiries for $50 new cars have appeared.
New structural work In excess OF
$4,000 tons has come on the market,
including 1880 tons for two Federal
Reserve banks. Awards probably totalled
about 1000 tons. Some fair orders
hava been taken recently for tin plate.
The Iron Trade ReUieto says:
AN encouraging number OF inquiries.
continuance of buying movement that
started several weeks ago, and decided
tendency toward firmer prices. particu-
larly tn pig iron, are outstanding feat-
ures of the iron and steel market. These
favorable Indications are further strength
ened modest but noticeable IN
crease in steel works and rolling mill
operations. From the standpoint OF the
producers the market situation is now
more promising than at any other time
In many months. However, the actual
business placed Is far below the volume
required to operate furnaces and mills
at satisfactory rates of production. An
upturn in quotations is reflected in this
weeks composite market average OF the
Iron Trade Reuteao, which Is SS6.03.
against $35.S2 last week. This is the
first time the average figure showed an
increase since April IS, 1921. when at
s43.s3 It exceeded the level Of April
by cents.
Most of the current export business
is originating in the Orient China bought
s250,000 worth Of textile machinery re-
Gently from an American concern. japan
has placed orders for considerable tom
mage and light gauge black sheets with
American mills. Chile Is inouiring for
1900 tons OF rails and accessories. bids
for which will be opened Friday