The New York herald., 1922-04-16
TURNOVER IN STEEL
PRODUCTS SLUMPS:
Finished Output Much Less in
Last Week-Buyers Forfi-
fled for Strike.

Special Dispatch % THE NEW YoEK HERALn
PITrsBUEcH, April 15.-The turnover
in finished steel products has greatly
decreased in the last week. Many SCI
lers have become reserved as 10 MAX
ing additional commitment and buyers
have largely lost interest. 1t has be-
come still clearer that the majority Of
steel buyers have been anticipating
trouble from the coal strike for two
months and have fortified themselves
with steel.
The coal strike in mines hitherto
union is of small consequence to the
iron and steel industry. as consumers
dependent on union mined coal had laid
in stocks. Consumers dependent on
coal and coke from non-union districts
in western Pennsylvania did not stock
TO the same extent. as not much strike
trouble was expected. Non-union strikes
have proved much greater than expect
ed. few blast furnaces have had 70
bank or blow out. Certain others.
scheduled for blowing in. are sill! idle.
Continuance Of a portion of the recent
steel production is thus menaced. but
large part OF the steel industry IL
not affected. Hopes that non-union
strike troubles will be settled before the
real coal strike-the one that the
country stocked up against-comes 10
a head are entertained. Coke, rather
than coal is the issue. BY product coke
plants as a rule. are well stocked with
coal
Quotations on steel products and on
pig iron have been tending to Arm, but
in certain commodities old low prices
supposed TO have disappeared. are
CGrfain mills rpma ~
anxious to sell, although on Fall hands
there is more conservation Exhibited
A relatively quiet market in steet
products is TO be expected for a while,
with mills making fairly heavy ship
ments and buyers drawing on stocks
lately accumulated.
The merchant blast furnaces have be-
come disposed TO withdraw quotations on
psg iron until their prospects become
clearer as they are not certain how they
will be able TO operate, and they owe
large tonnages OF pig iron to consumers.
rig Iron Prices Higher.
Pig iron prices are auotable at least
so cents higher on Bessemer and 81 on
basic and foundry than they were
week ago, but not on the basis of trans
actions or asking prices so much as on
the certainty that iron could not he
bought at less than the higher figures.
The furnaces are interested only in at
tempting to complete deliveries on sales
of iron made. The market can be quoted
as follows: Bessemer $50: basic, sis.
and foundry $50. Those prices are f. o..
b. valley furnaces, freight 10 Pittsburgh
being $1.96.
Furnace coke practically has disap-
peared from the market in the last ten
dayS and t1rOluction of furnace n nd n1.r-
chant ovens has been restricted greatly
by strikes. Operators are unable 70
make full contract shipments. let alone
offer furnace cokes in the open market.
Although no market on furnace coke is
quotabie. several foundry coke ovens are
running on sales made from day to day.
The demand naturally has decreased, as
the great majority OF foundries have
been stocking coke for eight or ten
weeks. Although for several weeks spot
foundry coke was quotable at SA25, TO
$4.75 sales have been made in the last
week at S4.75. S. and $5.25. making the,
market quotable at S4.75 to 1925.
The Connellsville coal market practicstl-
~ has disappeared also. Although there
has been little merchant coal avail
able. representatives of the leading
Pittsburgh Independent steel interest,
whose coal mines are union, have been
in the Connellsville region picking up
all the coal they could see and very
little has reached the open market A
few sales are reported in the last few
days at s. to $3.50. including Pittsburgh
vein and Sewickley vein. Occasionally
a little Westinoreland coal is found in.
the open market, but not enough for
regular trading. .
Tin Plate Market HenIfhy