The New York herald., 1922-03-19
Most Business Is in Small Or
ders-Bars, Shapes and
Plates Stiffer.
PIG IRON MARKET BETTER
Sheet Buying Movement Con-
tinues and Operations in
Mills Increase.

shapes and plates has had a stiffening
influence on their market, which is now
quotable at lao cents as a regular SELL
ing price. Sellers who have held that
price find orders coming to them some
what more freely than they did a week
or two weeks ago. 1t is plain that all
sellers are anxious to establish 1.50
cents as the minimum OF the market
and there is a strong balance of proba-
biltty that the objective will be reached.
The market may work up gradually or
sellers may make formal announce
ments. The 1.50 cents price for bars.
shapes and plates would be low COM
pared with prices for other finished
steel products. An interesting point Is
that many buyers now express a de-
cided willingness to make open con-
tracts for three months or more. pro-
posal not faxorably received by sellers.
pivergences from the $2.40 price on
nails have increased in frequency, but
not to such an extent as to make
lower price quotable as the open mar
ket. Sheets continue to be firmly main
tanned at their prices OF three months
ago, and some observers insist that the
next change is more likely to be an adj
vance than decline. Hoops are firmer.
but irregularities in tubular goods are
not heard of as frequently as a fort
night ago.
The widespread character OF steel de-
mand continues the outstanding feature
of the situation. orders being small
rather than large. The market will do
we'll if it continues to broaden at a more
moderate pace than that OF the last ten
weeks. Whether or not the prospective
coal strike was stimulus in the pres
ent steel buying is an open question.
An interesting fact Is that the coal mar
ket has weakened in the last week. in
dicating that consumers are not being
caught with smaller stocks than they
desired.
The local pig iron market is giving
decidedly better account of itself. Fur
mace men themselves are particular to
state that there Is no great improve
ment but sellers and buyers agree that
conditions are distinctly improved. In
foundry iron there is a freer movement.
there being an increase in the number
: of orders rather than an increase vi
their sizes, and shipping instructions on
old ontrats are being given mora freely.
Although the market Is quotable at
range, sales are usually at the higher
price. the lots being small. In basfc
pig iron there is a clear cut advance OF
twenty-five cents a ton. as the market
is again established on the basis of SIS,
valley, by merchant furnace interest
in the valleys selling 1000 tons to =
price named. Bessemer continues to sell
in a small way at $3.50. and 1t is
thought that a large lot could go at
about fifty cents less. The market is
uuotabe as follows Bessemer. sl9 to
$3.50: basic, SIS; foundry. $lS.75 to $19.
Those prices are f. o. b., valley fur
naces, freight to Pittsburgh being $1.96.
stiffness in Coke Market.
The coke market had some very stiff
times i'm the last week, there being days
on which 1t was practically impossible
to pick up any coke at the minimum
prices given, IL really standard coke was
desired. There has been right along,
however. a good furnace coke available
at $50 and good foundry coke at $3.50,
but there has been no material change
in demand for spot furnace coke. and
blast furnaces are not in the market
to any great extent. Some second quar-
ter furnace coke business is under ne
gotiatlon. but in general it appears that
not much contract tonnage will expire
at the end OF this month. The market
is quotable as follows: Spot furnace,
SO. D to So. 50; contract. s.. 40 to $3.50; spot
foundry si.25 to S75. The range in
prices is due to differences in tonnage
and quality.
A real buying movement in sheets
began a considerable time ago. and con-
tinues at a rate sufficient to bring sat
isfaction to the mills, as orders for
practically all grades are fairly heavy.
Bookings of full finished automobile
sheets, however. have been small.
Round tonnages of black, galvanized
and electrical sheets and lots Of blue
annealed sheets for domestic and export
purposes are noted, as are smaller ton
nages of speciaities. Operations in
sheet mills are increasing and. for the
leading interest, an increase of between
and 10 per cent. was noted In the last
ten days. Orders are generally for quick
shipment and from every point in the
land Few, IL any, contracts for fu-
ture deliveries are being booked. Japan
continues the chief purchaser OF Ameri-
can sheets, and is taking lot of thin
gauge sheets for building purposes.
Prices are firm at 3 ~cents for black
sheets, cents for galvanized and 2.35
cents for blue annealed.
Expectations OF lull in the tin plate
industry have been dispelled by the
booking of increased specifications. and
makers are sure of Its keeping UP for
the next several months, particularly on
plate for food containers. They base
their belief on the promise that for
vegetable and fruit packs. beginning in
May and June. not enough plate is In
the hands OF can makers, notwIthstand-
ing their heavy buying in recent months
against food container demand. Mill
specifications on tin plate for shipment
in May are due. and for tho large June
pea pack. which reaches Its climax In
that month, considerable tin plate Is to
be purchased June also brings the
California fruit pack, which is expected
to be exceedingly heavy this year. The
leading interests bookings are increas-
ing and IL has been operating certain OF
its plants practically full for several
weeks. The average Of the industry as
whole Is at about 20 per cent. OF
capacity. Although deviation from the
market price on production plate of
S4.75 a base box Of 100 pounds, Pitts
'burgh, Is noted at times. 1t makes very
little difference. as II has always been
that way and the market can be said TO
be firm at the official price of s4.75,
10 which the leading interest is adher-
Ing.
Light Rail Business Gains.
Light rail business coming to makers
; In this district shows slight improve
ment. Practically the only consumers
in the market are coal mine operators,
although general contractors and trac-
tion companies are said TO be showing
some interest. The general market uuo-
tation Is lao cents, Pittsburgh base.
The Illinois Central Railroad Is taking
bids on 1000 kegs of spikes, on which
ms Inxx hoo