The New York herald., 1922-04-30
BUYING GOP STEEL
CONTINUES HEAVY
Mills Sold Comfortably Ahead
but Coal Strike Handicap
to Production.
PREMIUM QUOTING SMALL
Pig Iron Market Stagnant--
Demand for Foundry Coke
Is Increasing.

Special Dispatch to TIE NEW YORK HERALD.
PITTSBURGH, April 29.-Buying of
steel products continues heavy although
mills are sold comfortably ahead. par
ticuarly as II is difficult i'm certain sec
tions to increase production on account
OF the coal strike. Although 1t was a
common view that considerable part
of the buying of steel in February and
March was in anticipation of the coal
strike. there has not been correspond
ing decrease in buying. The opinion
that this may be major rather than
\ minor movement In the steel market
is growing and some predictions even go
to the length OF giving it duration
of more than year. Others adhere 20
their view that dull summer Is ahead.
Reports are in circulation of certain
producers having withdrawn from the
market. Except for an occasional In
stance, such reports are overdrawn.
Mills, as at similar junctures I'm the
past, are refusing to enter orders which
seem to be based on mere change of
sentiment or judgment rather than on
actual and known consumptive require
ments. Taking the steel industry as
whole, production is at greater rate
than 1t was at the beginning Of the
month. The non-union coal strikes have
been preventing increased production in
western Pennsylvania and the Mahoning
Valley. but there have been increases
elsewhere.
Quoting of premium prices has been
begun by certain mills, but actual trans
actions at such prices are of no tonnage
Importance. Small lots with miscellan-l
eous specifications command a premium
as they usually do except in period OF
extremely light buying. The only way
In which the steel industry has been
affected by the coal strike has been in
the Connellsville region, particularly I'm
lower Connellsville, and latest reports
are that production there is stationary
If not slowly increasing, but decided In
creases are expected next week. The
coal market in Pittsburgh has turned
softer this week, large consumers being
less conspicuous as buyers. The valley
furnaces are generally out OF the pig
iron market and basic iron has sold at
$24, furnace, In western Pennsylvania.
No Pig Iron Market Reported.
There has really been no pig iron mar
ket in the last two or three weeks, as
merchant furnaces practically have de-
serted the market until conditions are
more clearly defined. The furnaces owe
iron to their customers at less than cost
of production and are unable to malIe
deliveries In full not few being banked.
In the circumstances the furnaces have
not wished to sell at any price. but they
did wish to see developed higher prices,
of which they could take advantage later
when they were again able to make iron.
There have been odd lot sales Of foundry
iron at higher prices, furnace men not
wishing fatty to refuse old customers.
There has been insistent inquiry for
basic pig iron. but sellers are almost in'-
possible to find. Predictions are that
he rta at xui ho htD-ber atill n
the moment 1t seems to be quotable as
follows: Bessemer, $24; basic. s24
foundry. SEA, T. o b. valley furnaces.
freight to Pittsburgh being $196, but It
does not follow that actual sellers can
be found
A regular tonnage of furnace coke,
running into four figures, has just been
sold at the once very familiar figure or
$6, which may be quoted as the market,
although conditions are such that the
next sales may be at different figures. De-
mand for foundry coke. which was very
light in the first two weeks of the strike.
has been increasing. There has been an
advance OF 81 ton in the last week, the
range of transactions Just made being
from $5.25 to s5.75. There Is no con-
tract market at ali and what there is
can be quoted as follows: Spot furnace.
80, and spot foundry, $3.50.
Inc market IOF COnneliSEllie coal III
Pittsburgh has been rather a wild one
ia the last week. Certain sellers kept
advancing their prices until they hal
reached levels that did not interest con-
sumers at all, but prices have softened
in the last day or two, and Connels.
Vile steam coal Is quotable at s2.50 10
S2.75 and by-product at S2.85 to SO.
strip coal. for steam purposes. is going
at So. but there Is only very limited
supply and buyers are waiting to pur-
chase small lots.
Active sheet Buying.
Sheet buying by the leading interest
and the independents continues In a
pleasing manner, and many orders are
being turned back because of mills in
ability to make deliveries. Automobile
companies desire shipment within three
: weeks when frequently seven or eigh.
weeks are required. Round tonnages
offered by certain larger automobile
manufacturers have been turned down.
and although the ~leading interest. In.
ordinary circumstances, with such a buy
ing movement In progress, would put on
more sheet mills. 1t is not thought wise
to increase commitments to a point out
OF harmony with Its sheet bar sup
plies. That policy has been adopted by
certain independents The American
Sheet and Tin Plate Company main
tasns min operations at 30 per cent. Of
capacity. from which point IL has not
varied half degree in the last five
weeks.
Sheets for railroad car use up to
about 5000 tons at a time are being
ordered. although numerous orders call
for lots OF about nth that size Al
though orders for full finished automo-
bile sheets on which the base price is
firm at $50 cents for No. gauge. are