The New York herald., 1921-01-02
STEEL MAKERS TRY
TO MAINTAIN PRICES
Although Orders Are Scarce
Pittsburg Mills Are Not
Seeking to Cut.
PIPE MARKET EASING NOW
Pig Iron Demand Light, Fur
naces Being Blown Out When
Contracts Are Filled.

Special Despatch 10 THE New YorK HERALD
PrrrsBUR0. Jan. 1.--Notwithstanding
the predictions OF a general closing down
of steel mills this week. many are show
ing operations OF from 20 to 40 per cent.
Big wage cuts that were expected have
not nateriaiized. although It ie believed
the drop will come in modified form
ness year begins.
Quietness reigned in the iron and steel
market this week. anc with business
down low Il is almost impossible TO test
the stability OF prices. Many mills are
not seeking an opportunity to cut prices,
ard on the whole it looks as though
there would be more disposition than
was expected on the part of Independents
to maintaih the Industrial Board prices
TO which they recently dropped.
The United States Steel Corporation
las no occasion to consider the matter
of prices. as its order books are prac-
tical proof against damage. With better
supplies of coke than for some time the
corporation Is operating at about 92 per
cent. OF steel ingot production. the
highest rate for many months. While a
slight revival in steel buying is expected
after the holidays. 1t will not be a gen.
eral movement. unless readjustments
should take a sudden jump.
Further curtailment occurred In the
production OF clerchant steel bars, some
mills closing for the holiday season and
others for indefinite periods. The lead
Ing interest, however, is producing at
a high rate and is understood to be
committed for the next eight months.
The price OF 2.35c.. base, Pittsburg Is
being maintained and there appears TO
be no tendency to shade this level.
Makers OF refined iron bars are recciv-
ing virtually no new business, but have
good sized bookings and are producing
at about 65 per cent. of capacity. Prices
on this, grade are easier and a quota
tion of 4.25c.. mill, is being made.
Back to Old Wire Basis.
Independent wire makers have aban-
doned the recently adopted 8-gauge size
as the base on plain wire and have re-
| turned to the old base, or the 9-rauge
size, and accordingly have reestablished
tho hitherto recognized differentials.
The leading interest never changed Its
base from the 9-gauge size. The price
of 1875 a keg on wire nails also is gen.
eral among independents certain ones
which had been quoting 1915 having
gone back to the lower level. New
business coming TO makers of wire and
nails Is light and the output has been
curtailed further. although some inde-
pendents are producing at approxi-
mately 90 per cent. of capacity.
Producers Of cold finished steel bars
! did not close down for the holidays, bu
have comparatively small bookings, ant
output is not more than 40 per cent. o.
capacity. Some tonnage Is being pro
duced for warehouse purposes. NO new
Inquiries OF importance are coming ou
and there Is little specifying agains
| contracts.
Iron and steel scrap prices are un
changed. and the dulness is felt by tht
trade. Hervy melting steel is quoted a.
SIS to st6, with other grades on proper
| tionate basis. About the only negotia
| tions are those where dealers are afte
| light tonnages TO fulfil light ohliga
| tions. Low phosphorous billet and bloom
| crops are scarce because or the nrnltee
| open hearth furnace operations. but re
| u,,lrements for this tonnage have Deer
| 40 small that the market has not pee'
affected, still being quoted at VA TO 10
Iron and steel consumers are taking M
| tonnages Of Importance and report thai
| they have fair sized stocks on hand
This. together with the comparativeis
| limited consumption OF scrap, Is taKer
| 10 Indicate that there Will be no more
! buying movement in the immediate
future.