The New York herald., 1922-01-15
LESS ACTIVITY In
STEEL INDUSTRY
Finished Markets Buster Last
Month Than Reported and
Prices Now Steadier.
SITUATION is STILL DULL
iEalk Of Curtailed Buying Said
to Have Been Overdone, as
Ordering Was Close.
SITUATION is STILL DULL

Special Dispatch to The New YoRK HERALD.
PITTSBURGH, Jan. 1.-THE finishe6
steel markets were less inactive in
December than was commonly reported
by the mills. The steel market has been
quieter since the middle of last month.
Talk OF buyers curtailing purchases
on account of inventory Is said to have
ordering so closely that they had little
leeway for curtailment. After a little
allowance for holidays and inventories,
It can be said that in general the steel
market has been running along at near
its gait of the last three months, gait
dictated by uderlying conditions. The
market is likely to continue in much
the same course for several months.
except for probable slightly increased
approach of spring. which should bring
about increased consumption along cer-
tain lines.
Steel ingot production was at 49,
GOO 900 tons a year in October and
November. and at 0.000. 900 in Decem-
Der, making an average OF 22,000.00O
tons year in those months Production
in 1921 was about 20,000,000 tons, and
stocks of considerable size were liqui-
dated. indicating that ultimate con-
sumption did not vary greatly. At long
range the steel situation is decidedly
drab despite bits OF color seen from
week to week.
Finished steel prices are steadier than
they have been at any time in the last
year. There are regular market prices,
which are departed from, if at all, only
by small amounts and for particularly
desirable orders. The steadiness is suf-
fcient to promote confidence of buyers,
but the average buyer is thinking less
OF confidence than of trying to get more
orders for material that he has for sale.
Not Testing Market.
The pig iron market has been in
active since Christmas In the fore part
OF December there was a little move
ment in foundry iron in small lots for
January shipment. but the market is
quieter again with expectations that
activity may be resumed by the end of
the month. In basic iron nothing has
occurred. In Bessemer iron there has
been an event. the sale of 1900 tons.
The $50 valley price that became quot
able about August ! has been recog-
niZed lately as normal, it being ex-
pected that an actual purchase could
be made at less and in keeping with
that expectation the 1900 tons went at
$3.50 now the quotable price. making
the market stand as follows: Bessemer,
s19.50 basic. $1S.25 foundry, $3.50.
These prices are (. o. b. valley furnaces,
freight TO Pittsburgh being s1.96.
No inquiries to test the market, which
ANA inch 500 $40
Pittsburgh. are being received. Forging
billet inquiries and orders are few. and
L reasonably attractive order could be
placed at s32. Pittsburgh base A few
Inquiries were recently issued for skeip
on which the usual price is 1.50 cents
base Pittsburgh. They do not represent
more than 1000 to 1900 tons each. Some
export skelp demand is developing Small
lots of wire rods are moving at s3s.
which appears general and Arm.
The sheet market Is featured this week
by q gain in domestic needs for electrical
sheets. a we'll balanced demand likewise
from domestic sources for black and
galvaniZed and a sustained demand
from Japan. particularly on thin tlacK
sheets. Inquiry is light for future sup
plies of automobile sheets. but is ex-
pected to increase as inventories are fn-
shed. The automotive industry appears
satisfied that the ASS cents base Pitts
burgh price cannot go lower Makers
confidently expect forward buying of full
finished automobile body sheets soon
Quotations on black and galvanized
sheets remain firm at 3 and 4 cents re-
spectlvely. and there has been consider
able buying of blue annealed sheets at
the regular price of 2.25 cents. base
Pittsburgh. Mill operations appear "a
be about so per cent. of capacity. the
leading interests being slightly ahead OF
the independents.