The New York herald., 1921-05-01
CALM SETTLES ON
STEEL INDUSTRY
Mills Adhere to New Prices
and Excitement Over Variety
of Quotations Subsidies.
DULL SUMMER EXPECTED
Independents Are Operating at
About 40 P. c., but Booking
Little New Business.

Special Despatch to THE NEW York HERALD
PITTSBURGH, April 30.-The iron and
steel market seems to have settled down
to a calm and uninteresting existence
as excitement about a variety of prices
being quoted on steel products has dis
appeared. Tho mills are adhering to
the new prices, representing advances
by independents and reductions by the
United States Steel Corporation, and no
important departures are to be expected
until buyers show much more disposi-
tion to take hold than Is displayed at
present From the present outlook 1t is
not likely that interest will increase
before September Of October. Most in
dependent steel producers gather up a
very fair amount OF steel business from
having Withdrawn their extreme prices.
which has given them a fair operation
probably about 40 per cent. for the
present but they are booking very little
business.
Expectations were that with It's down
ward revision In prices the United States
Steel Corpora ton would experience
much larger flow of business. but thus
far the increase. though noticeable, Is
rather small. So It seems doubtful
whether or not the Steel Corporations
rata, averaging about 40 per cent. OF
capacity in the past two or three
weeks, will Increase materially. Manu-
facturers Of steel continue to show price
readjustments from time to time. but
their reductions are far from radical.
Chain has been marked down to 6.25
cents base. Standard, small and boat
spikes have been put on the single base
price, subject to regular extras, as they
bars formerly done at various prices
being $40 cents Cold finished steel
bars, formerly done at various prices
down to 290 cents. are uniformly quoted
at $40 cents or $40 ton spread above
hot rolled bars.
Although pig iron prices show
greater degree Of liquidation, consider
Ing tho influence on cost of the high
freight rates than do steel products, the
pig iron market continues soft and
there must be further liquidation IN
stocks before any upturn In prices can
be expected. Foundry iron sales are few
and for very small tonnages, generally
single carloads. The going prices are
$24.6o and $25, valley. several brands
being held at the higher price and con-
sumers accuxtomed to those particular
brands are willing to pay the price
when they need iron Bessemer iron Is
very inactive, with an occasional sale
at s25. valley. Some makers are holding
interest states that its price Is $3.50.
The United Alloy Steel Company has
not acted as to Its pig iron. 1t has an
inquiry out for 10000 tons for May,
stating that 1t Is consuming iron at the
rate of $50 tons day, with Its stock
nearly exhausted. The Sharon Steel
Hoop Company is in tho market for
several tons Of basic iron, and recently
bought a lot at s23 and 1000 tons q,
$3.50. and are due for another pur-
chase
some Coke Down to $3.50.
Connellsville furnace coke has sold
down to $3.50, and some furnaces be-
lieve they could buy at s3. Only one
seller has named $3.30. as far as known,
but several producers are willing to sell
at $3.50. There is a considerable ton
mage Of loaded coke in the region. the
seller who has done most OF the bust
ness lately being mentioned in particu-
lar In that connection. New furnaces OF
those that must use purchased coke
that are running are well supplied by
contract shipments. Foundry coke Is ex-
tremcly quiet, and thus presents con-
trast to conditions of month ago. when
there was a fair degree of activity In
spot lots. The market Of standard
foundry coke remains quotable at IS to
$3.50. depending on brand. AS formerly.
there Is alleged foundry coke available
at under SIS. but there is no ground for
assuming that 1t is standard foundry
coke, the usual Offering being simply OF
72-hour coke. not selected.
Although II Is not the rule of the
users of merchant steel bars to an
ticipate their requirements further than
July /. the aggregate of present buying
is fairly large. An independent pro-
Queer reports orders sufficiently numer-
GUS to keep five or six bar mills busy
continuously. although no one order
represents great tonnage. Some orders
being rolled had to be booked at prices
prevailing before the advance to 2.10
cents. base Pittsburgh. by the inde-
pendents. To that level the Carnegie
Steel Company's prices declined two
weeks ago. The latter interest is re-
ceiving fair releases on old business. in
Guiding good tonnage from Michigan
automobile companies.
Refined iron bar makers for the most
part are inactive and several OF them
are unable to say when their operations
will resume, n maker reporting that
there had been no occasion to quote
prices for them during the last two
weeks. Purchases OF iron bars are for
immediate requirements only and al
most always can be shipped from
stock. Their minimum price Is 2.75
cents base Pittsburgh. with low phos-
phorus melting and double refined bars
made without scrap in the mixture
quoted at cents, base Pittsburg.
There appears to be gradual improve
rnent In sheet market conditions and this
week finds It's producers more encour-
aged. Additional specifications from
jobbers are being received, more in
quiries are current and new business Is
increasing somewhat. In no one case
is tonnage represented by it particularly
sixable. but II Is a satisfactory tonnage
and comes from diversified users OF dlf-
forent kinds OF sheet metal at widely
scattered points.
Sheet Mill Operations Good.
Some Independent companies includ-
ing the Republic Iron and Steel Com
pany OF youngstown and the Whitaker
Glessner Company of Beach Bottom. w.
Va, are increasing their sheet mill op-
crntlons. due TO accumulation OF orders.
Some OF them were forced in at old
levels when prices were advanced to the
point reached by tho American Sheet
and Tin Plate Company in its reduction
so far as reported. the 3.10, and 6
cent base Pittsburgh levels on blue
black and galvanized sheets are being
firmly held.
A slight Improvement has been noted