The New York herald., 1921-07-31
DEMAND IN STEEL
! MARKET SPREADING
No Commodity Shows Falling
4 Off-Tin Plate Outlook
Z Not Bright.
OPERATIONS INCREASING G
Prices Are Sagging; No Breaks
Appear; Pig Iron Continues
to Be Dull.
OPERATIONS INCREASING

Appear; Fig iron COnUlnueS
to Be Dull.
Sreclol Despatch to THE NEW York HERALD.
PITrsBURoH, July 30.-The turn In the
tide Of demand on steel mills that has
been noticeable for the last two weeks
has spread to several other mill prod
ucts. although some of them are still
etagnant. It Is beyond question that the
volume Of steel demand, as whole,
turned at about the middle Of this month.
In no commodity has there been any
falling OF lately. except that some lines.
particularly tinplate, show no very
bright promsie for the near future.
The increase in demand on the mills
II not large in point of tonnage, but 1t
Is sufficient to cause the rate of steel
mill operation to turn upward. Substan-
TALLY all the demand Is for immediate
shipment. Although the average buyer
has no particular confidence in prices,
he does not even ask for a price guaran-
tee to date of shipment for the amply
sufficient reason that there Is no time
interval worth considering. Nearly every
buyer is likely to make another pur-
chase or specify an additional tonnage In
a few days, and If the price is going to
be lower he will get the benefit on the
new purchase. The buyer expects to
liquidate in a few days. by distribution
or manufacture, every lot of new steel
ordered from the MILL
In general steel prices are sagging
rather than sharply declining, and there
are really no breaks in the market.
Rigid articles break more readily than
do soft articles. Bars can be bought in
moderate sized lots with fair specifica-
tions at 1.75 cents. and shapes and plates
similarly at 1875 cents. In the immedi-
ate Pittsburgh territory at least the
United States Steel Corporation has ad-
hered to, respectively, 100 cents and
cents. Sheets have sagged further, and
can be done In some quarters at 3.25
cents for black and 4.25 cents for gall
vanized and wire products, and standard
steel pipes are steady at prices to which
they were reduced month ago.
The pig iron market continues dull
and decidedly listless. Bessemer and
basic are quotable at their levels Of last
week in the valley market. but foundry
iron can be had at 81 under last weeks
quotation. which at that time was recog-
nized as more or less nominal. Transac-
tions in any grade are unusual. The
valley market Is quotable as follows:
Bessemer, s2o.50; basic. s19; foundry.
1880.
Coke Market Opinions Differ.
There is a variety of opinion as to
where the spot furnace coke market
stands. 1t Is time when quality fig
ures largely in the price. and when SELL
ers will make a certain price to work
off a given tonnage, after refusing to
quote as low a price on the next in
quiry. The increase in demand for spot
foundry coke, noted last week, has pro-
ceeded further. and that market Is In
much better shape than 1t was In the
first two weeks of this month. Foundry
coke prices have not gone off. but are
stronger than they were a week or two
ago, not at an advanced range. but at
prices that three weeks ago seemed un-
certain of continuance. There has been
no real contract market In foundry coke
for months. but the dulness is now en-
livened by an inquiry from a fair sized
consumer for q price on shipments to
the end Of the year. The market Is quo
table as follows: Spot furnace. $4,000
SO; contract furnace. s3Q$3.25 spot
foundry, $4@$4.5O.
Prices on structural shapes appear to
be q matter of negotiation when placing
the order. as the present price of the
leading independents. 1.S5c., Pittsburgh
base. Is entirely nominal. Mills that are
anxious for tonnage are going below
that figure, 170c. being reported as
applying on tonnage business. The
majority OF the weeks awards are rela-
lively unfmportant as regards the ton
mage involved, although the Memphis
Steel Construction Company was the
successful bidder on the j. A. Sheets
hotel at Greensburg. Pa. with a price
of $4,000 Approximately $50 tons of
steel are involved. Steel construction
companies report that small lettings of
twenty-five tons and upward appear to
be ON the increase. and, with the prob
able settlement OF the building trades
dispute In the near future, the structural
steel Industry should improve materially
IN the fall. One of tho largest building
projects almost ready to be awarded is
the new s., 5000 Young Mems Christian
Association headquarters. which will u'e-
Quire several thousand tons of steel.
Several Detroit automobile builders
still figure largely as buyers of cold
drawn steel bars. although their ton
mage dn individual specifications Is not
large. In other lines a similar character
of buying Is notable. one fairly good
sized outlet being the electrical indus
try. The price until recently was 2.soc..
Pittsburgh base. but with merchant
steel bars reduced to 1.75c. to 80 a
ton 265c. appears to be the market
on cold drawn. One price of 2.50c.
IS reported, but It was made through a
misunderstanding and Is not representa-
tive or tine market. The small amount
of business going is hardly considered
as constituting a market test. as most
buyers are able to supply their wants
In less than carload tonnages.
order for II Miles of Pipe.
The tubular goods market has been
featured by the placing OF an order
with the National Tube Company for
approximately 1900 tons of eighteen
inch line pipe. That order. which was
for seventeen miles OF pipe. came from
the Ohio Fuel Supply Company of this
city, to be laid in West Virginia, and
Is one of the largest placed this year.
Makers of pipe, including the leading
interests, see slight Improvement in
demand and Inquiries not only are In
creasing numerically. but also are
growing in tonnage. The jobbing trade
appears to be buying more freely than
II has for considerable time to meet the
demand for standard pipe coming from
building construction interests. In
connection with wrought Iron pipe few
orders have come In since the recent
price adjustment, the lower levels bring
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