The New York herald., 1922-05-07
STEEL BUYERS LOSE
COAL STRIKE FEARS
Tonnage Turnover in Pitts
burgh District Is Less Than
a Month Ago.
MERCHANT PIG ADVANCES
Furnaces Refuse to Pay More
Than $3.50 a Ton Now
Quoted for Coke.


Special Dispatch to THE NEW YORK HERALD.
PfrrsBuRGH, May 6.-Sales of steel
products are only moderately heavy,
the tonnage turnover being decidedly
less than a month ago. AS the mills
all have comfortable backlogs of bust
ness. they are in an easy position. and
production is proceeding in a smooth
and orderly manner. A few consumers
are exhibiting nervousness over the fu-
ture, and are urging mills to make
heavier deliveries, but not a case is on
iccord of a consumer having to restrict
operations on account of shortage of
steel.
In present circumstances, the talk In
some quarters of delivery premiums on
steel products does not seem appropriate.
Here and there a mill has announced
an advance in its price on one COM
modify or another. but market prices
remain as formerly. The only real
change in the last month is the practical
disappearance of concessions from regr-
lar prices, made to secure particularly
desirable orders.
The coal strike had a stimulating
effect upon steel buying for time. but
unexpected strikes in the Connellsville
region necessitated some changes in the
movement of coal and reduced the pro-
duction of steel in western Pennsylvania
and eastern ONO by a barely perceptible
amount, while producers in other dis
tricts report increases. and the steel In
dustry as a whole Is producing much
more steel than the average rate of out
put in March. The Carnegie Steel Com
pany is operating 3S blast furnaces
against "a on April /, and produced 5
or per cent. greater tonnage of ingots
last week than the week before
Merchant Furnaces Sold Up.
generally have withdrawn from the
market, pointing out that they owe
considerable tonnages of pig iron to
consumers. The trade has a general
idea of what would have to be paid for
pig iron on a forced purchase. the mar
ket. being nominally quotable as fol-
lows: Bessemer, $24; basic, s24; foun-
dry, $24, Valley basis, freight to Pitts
burgh being $1.96. Averages for April
were: Bessemer. s2o.SS; basic, $19.9S;
foundry, S20.74.
Offerings Of spot furnace coke have
become still lighter in the last few days.
ibcTe IldS Detl ITO LuTlHeT
OF productions at the merchant coke
works, but there seems to be a reduc-
tion of the amount of coke on track
Merchant furnaces refuse to bid for
coke, contending that $3.50 is all they
can afford to pay for coke, in view of
the cheap pig iron they owe their Gus
toners. There has been slight in
crease In inquiry for foundry coke in
the last week, although most foundries
remain out of the market, having
stocked up literally in February and
March. The market is up 25 cents on
foundry coke in the week, s6.75 being
now the regular selling price,
The Connellsville coal market re-
mains at the lower level quotable week
ago. $3.50 to S2.75 for steam mine-run
There Is not so much buying demand
as formerly. some buyers having re-
Gently withdrawn from the market when
asking prices were pushed up so
sharply, and these buyers have not re-
turned. Panhandle strip coal remains
lat SO
sheet Market StiII Astfr.
The sheet market continues active,
and would be more so with a better
supply of sheet bars. Many sheet mills
are able to continue shipping on con-
tracts. but are not piling up orders. and
tonnages presented by buyers for ship
ment in the third quarter are already
large. Users OF electrical sheets will be
among the last 30 show business Inn
provement. but already there are signs
that this Is on the way.
Most Of the Independent sheet mills
filed TO capacity their order books for
the second quarter to make the prices
prevailing before the last advance of SO
n ton, consequently these are now taking
little or no new business at the prices
|of 3.15c. for black sheets, 4.15c. for gall
vanized, and 2.40c. for blue annealed
sheets The leading interest, however,
reports numerous orders being placed
lat these figures. Its new orders placed
In April exceeded those OF March. and
its operating schedules still are main
|tained at approximately 80 per cent
of capacity where II has been for
nearly two months.
Last weeks buying Improvement in
hoops and bands continues. and were It
not for the coal strike large orders
would be coming IN The minimum
quotation Is 2.00c.. base Pittsburgh. on
both products. and on certain specifca-
|tIons higher prices are maintained
Activity I'm Sheet Bars.
Activity in semi-finishod lines Is
largely confined to sheet bars and sew
|eral inquiries involve tonnages OF 500
10 1900 tons. AS a basis for actual
transactions sal, Pittsburgh or Youngs-
|town,N has entirely disappeared, giving
place to s33. Some makers have n
|nominal quotation of S3i. but are not
|in position to take on tonnage others
|are quoting s35 on sheet bars. rerolling
blllcts and slabs, making no distinction
Between the three products. Virtually
| he only inquiry for slabs calls for 1000
tons with s32 to s35 quoted.
Wire rods are unchanged at S3S. and
apparently all skelp quotations below
d soc, base Pittsburgh, have dis
appeared. Demand for wire rods is
limited. due TO the filled UP condition
bf the mills generally. Sellers of skelp
hre also somewhat hampered because Of
the coal strike.
Pipe mills are maintaining n fair rate
RI operation and demand Is good every
where. being well distributed among
standard pipe. oil country goods and
boiler tubes Prices are steady and well
maintained. Consumers are not short
|Df material. although they are urging
buick shipment Of all orders.
Tin plate production last month was
n little better than In any of the pre-
Eious three months. Usually there Is a