The New York herald., 1922-04-23
STEEL MARKET Is
GENERALLY FIRMER
Coal Strike Causes Stiffening
When Industry Was in Need
of Encouragement.
OPERATIONS RESTRICTED
Production, However, Exceeds
Average Rates in March
and December.

Special Dispatch to THE New York. HERALD.
PITTSBURGH, April 22.--The coal strike
has stiffened the general steel market
just when it needed, encouragement as
steel demand increased during the first
quarter of this year at a pace that
could not possibly be maintained. BY
July l demand would have exceeded
capacity, although it does not appear
that up to April l actual consumption
kept pace with buying,
There has been a restriction In steel
mill operations as a result Of non-union
strikes in the Connellsville region. in
volving chiefly idleness OF certain
plants scheduled for resumption. This
weeks production Of steel was in excess
of the average rate in March, which was
sixty per cent. more than that OF De-
cember. TheNmills and furnaces depend
ent on non-union coal other than that
from the ConnelIsville region are un-
likely to, be affected by the strikes In
general the United States Steel Corpora
tion is holding its own in production
and a few merchant furnaces have
banked. Stating that they had been
selling pig iron for below its production
cost. many furnaces tributary to the
Connellsville coke region have with
drawn from the market and pig iron.
although not quotable closely, Is proba-
bly, worth In the market at least 81
ton more than 1t was on April /.
Steel prices are stiffer all along the
line Hoops, bands and hot rolled
strips are quotable at 3 cents base.
Concessions below 1.60 cents on bars,
shapes and plates seem practically to
have disappeared. Occasional sales of
sheets for prices recently advanced 80
q ton are being made. Consumption OF
steel Is increasing as 1t has needed to
do to harmonize with much heavier
buying and production OF the last few
weeks. In tubular goods for oil dis
tricts there is a particularly marked
Improvement and the year promises to
show nearly the average consumption
OF the last three years. Railroad con-
sumption of steel also is increasing.
Opinion in Pittsburgh circles Is that
there will be no great change in the
strike situation in the next week or two.
as the strikes appear to have reached
their high tide. The leading coal in
terest is understood to be mining this
week a little more coal than 1t did In
~the closing days OF last week, not so
much by having more men at work, but
because of the work proceeding more
efficiently as its working forces are bet
ter aligned for production
No Regular Pig Iron Market.
When the merchant blast furnaces
found that in many cases they would not
obtain for a time coke for making pig
iron and execute sales made, they began
Withdrawing from the pig iron market as
sellers. Those which remained In the
market found that thsy could make sales
even for advanced prices. as consumers
became anxious to buy when they found
that 1t might be difficult to do so. No
regular pig iron market can be quoted.
but prices obtainable are at least 81
higher than they were week ago, the
following figures representing the lowest
prices that would have to be paid. rather
than an actual trading market: Bes-
semer $21: basic. $40. and foundry. $21,
{. o. b. valley furnaces, freight to Pitts
burgh being $1.96.
Offerings of furnace coke have not
disappeared from the market. although
they are in small lots. not enough to
interest furnacemen even II their prices
were satisfactory. There are unsold lots
to-day with asking prices ranging up TO
$3.50, or So a ton more than the regular
bids AS a result Of their heavy buying
OF foundry coke in February and March.
foundries generally are out of the mar
ket. There is very little inquiry in the
market, most foundries being content to
depend on stock piles. A little foundry,
coke is being held, at asking prices of
more than $5.75.
,AlI grades of sheets have shown since
the last price advance an incoming OF
tonnage orders at the new level to an
extent surprising even to the most
sanguine. In certain quarters 1t is be-
Iieved that after the heavy bookings just
before the advance. wbsn buyers took
advantage OF opportunities to place or
ders at lower levels. at least three weeks
would elapse before new buying at the
higher prices would commence. Ap-
parently there has been no letup, and
orders placed daily are plentiful and
increasing in size and number. With
sheet bar quotations rising because of
the coal strike sheet prices will register
another advance soon.
Orders for sheets for use in railroad
cars have been particularly large. as
have been automobile sheet specihca-
tions. Attractive orders for blue an
nealed are coming to sheet instead of
plate mills. as formerly. Although the
American Sheet and Tin Plate Company
Is able TO maintain a 30 per cent. oper-
alton schedule in its sheet department, IL
could be Increased II It we're thought
wise to do so In the present coal situa-
ton sheet jobbers are ordering for
stock in certain directions, and placing
pleasing specifications for considerable
blue annealcd material.
Tin plate Operating at Hish Rate.
II is possible that In several places
lin plate mills are feeling the pinch
because OF shortened fuel supplies, but
most operations continue at the high
rate prevailing for several weeks Sew
erai independent tin plate companies
Including the McKeesport and Standard,
tile Trumbull. the Liberty and Weirton,
"A large local independent and certain
OF TIE leading interests plants. are on
prac .cnjiv 100 per cent basis They
will M sbs- thus TO continue for a con
sidelso.g yimc to come, according to the
business on hand. to say nothing OF
orders and specifications received daily
Orders being received consist mostly OF
round tonnages. and can makers are
more encouraged tnan ever because of
prospects for utilization OF their prod
uct I'm fruit. vegetable and fish packs this
year. hin plate prices are Arm at $475
II base box OF 100 pounds. and black
plate Is firm at ais cents. base Pitts
burgh. Occasionally lower price is
available on stock tin plate. but stock
Jsts are exceedingly limited and offer
10. variety.
10 Judge from the number OF in
auiries for semi-finished material GO
ing the rounds OF the trade there Is a
real shortage evidence of which Is the