The New York herald., 1922-06-04
q STEEL BOOKINGS,
|ITH TURNOVER CUT
mpanies Turn to Policy of
aking Orders When They
Develop.
GOT PRODUCTION is UP
IN Makers Are Sending In
Contracts, Thus Keeping
Tin Mills Busy.

cial Dispatch to THE New YoEK HniALp.
PIrrsBURaH, June 3.-The turnover
the steel market is much lighter
In 1t was in March and April, but
Fe is still a fair movement. Mill
kings in the last two or three weeks.
been decidedly heavy in steel for
light cars and fabricated steel work,
lie the automobile trade accounts for
|air tonnage. as 1t Is running substan-
lily full and did not buy much steel
advance. Certain large steel inter-
b. particularly the United States
Iel Corporation, are getting away
I'm the old practice of having
NAL opening of order books for every
hrter, being disposed to book definite
lers as they develop. Regular GUS
hers can count on the delivery SER
e they have had in the past. Ton
be on books IL expected to be more
licative of probable demand for ship
tnt than has sometimes been the case.
Although the turnover in steel prod
Us is lighter than 1t was, in certain
les current sales exceed shipments.
lops are active. Inquiry for cotton
5 has been light. and no prices have
kn quoted, but fair tonnage has
kn rolled. as usual, against seasonal
| huirements. Basic prices in finished
+ lei products are firmly maintained
Ainst the most desirable orders but
b up only trifle from the low point
three months ago. Bars. shapes and
ites are 1.60 cents and delivery pre-
ums range UP TO 81 a ton. The sheet
Earket generally is on 315 cent basis
llth premiums for early deliveries.
pnnage for devileries after July Is
ing taken on the 3.15 cent basis.
Steel ingot production Is at about
100000 tons year, against $4,000
10 tons when the coal strike started,
id probably can be maintained without
hch difficulty. With an operation OF
Tween 70 and 75 per cent. of capacity.
10 steel market is as strong as It
|fore the war with 95 to 100 per
Int. operation. due to the coal strike.
II the average steel producer is un-
tlling to advance prices beyond a
krely profitable level in the circum-
hnces.
Dulness In Pig Iron.
The pig iron market continues ex-
lemely dull. there being few sales, and
lose only Of small tonnages. In Bes-
liner iron, few lots have been pur-
based from merchant interests at $25.
kalley. establishing the market at that
cure. against $26. formerly quoted az
bminally representing the market.
here are no new developments in basic
Ion, Certain merchant furnace inter-
Its continue to sell foundry iron In
mall way to regular customers at $24,
Ialley, but are not Offering iron to the
tade at large at any price. Consumers
re buying only as absolutely forced,
Ikalzing that the market will drop
Then the coal strike ends.
II The coke market has been decidedly
het in the last week. there being hardly
ny trading in foundry coke. In fur
ace coke most offerings seem to have
pne to the steel interests at Monessen,
thich is putting into operation again a
hrnace that went out in the latter part
X April. Expectations entertained a
teek ago that the furnace coke market
Fould pass above 81 have not been
certified. as that price seems to be the
nit. Foundry coke has become al
host established at $6.75.
| The steel interests In general seem to
Ie getting along fairly we'll in spite Of
he coal strike The Connellsville coal
harket softened this week. when the
l3 price was slightly shaded. The mar
let is dull and can be quoted at SO to
l3.25. Several large buyers continue to
Itay out of the market and sales are
Ielng made to smaller consumers.
| There is constant heavy demand for
hrtually all grades of sheets. Con-
Iumption promises to attain such high
|ates that users wish to obtain at
lractve positions on makers books to
assure satisfactory deliveries. Good
ri h1anL UalUa nfzaA gheat q
lave been placed and round tonnages of
blue annealed continue to be booked
Full finished automobile sheets. and
|ther automotive grades are ordered in
airly large quantities.
Doom in Medium Priced Motors.
In greater quantities than ever
before. The leading interests operations
continue to average 90 per cent. or
higher. and the independents are run
hing at a better rate than they did last
week. when they reported 80 per cent.
II capacity. The United States Steel
prices of 2.40 cents for
,lue anneaied, 3.i5 cents for black and
LIS cents for galvanized sheets, base
are being adhered to strictly,
,ut certain independent makers are
quoting slightly higher prices.
Can makers are busy getting IN tin
,late supplies for July shipment and
'ecent orders have been fairly heavy.
Numerous requirements comprise single
although larger customers are
purchasing several hundred tons at a
line. Some of those single carload
shipments may be made In June IL
makers find 1t convenient to work them
n with other roMngs. In the main. how
'ver. not much tin plate is available for
shipment In the remainder of the second
Iuarter. A lull Is expected between the
in plate demand for the pea crop and
requirements for the corn and tomato
reps. which follow In sequence. Several
independent tin plate mills are operating
hull. as are several plants of the leading
interests, but the general average Of the
industry is so per cent The market
,rice is unchanged at s4.75 base box
" 100 pounds. Pittsburgh.
The situation In cold drawn steel bars
las changed materially. Not long ago
Mills were hungry for business. and now
he inclination is to name high quota
ions to discourage buying. Most maxi
'rs have good backlogs OF business and
10 not desire to increase bookings until
hey know something about what their
,osts are to be In the third quarter. AS
[ is the market Is strong at a minimum
" 2 cents. base Pittsburgh, >and some
ire qdoting as high as 2e5 cents orr SIS
ton In advance of the going market
or the purpose outlined.
slow Delivery of Hot Bars.
Bookings doubtless would have been
,eavier. with service to customers better,
Z deliveries Of hot bars from the steel