The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-11-19
INGOT OUTPUT RATE
HIGHEST IN 2 YEARS
Steel Shipments Maintained
With Difficulty in Face of
Car Shortages.
IRON PRICES ARE LOWER
Good Deliveries on Old Orders
of Finished Products
Sheet Prices Firm.
IRON PRICES ARE LOWER

PITTSBURGH, Nov. 1S.--Production Of
steel ingots in October was at the rate
of about 100000 tons a year, the
highest rate since October, 1920, and
the rate probably is a shade higher
now In the face of severe car
shortages shipments are maintained
with difficulty Some mills have re-
duced their accommodations, but indie
pendent sheet mills added 10000 tons
TO their piles in October, their produc-
ton in the month being s2 per cent.
rated capacity.
Deliveries of finished steel products
on old orders are very good, except
as interfered with by car shortages and
embargoes. the Pennsylvania Railroad
having placed a new and important en-
barge this week Buying of steel prod
ucts in the open market is correspond
ilgly light except as new needs develop.
There is a good movement in car and
locomotive material
Deliveries of buttweld pipe continue
much in arrears, and some construction
work probably is impeded in conse-
quence. In other steel products consum-
ers appear to be we'll supplied, and it
is probable that at some points there
are accumulations of steel left because
INC coal ulQ IlOI CuTldll SLetl pro-
duction as much as was expected.
Bars, Shapes and Plates Steady.
The market in bars, shapes and plates
IL moderately steady at 2.00c. but 1t
universally is recognized that this price
will not remain indefinitely. There
are some deliveries still being made on
sales at 1.40c and 1.50c involving con-
siderable loss to the mills, as costs are
much higher than when the sales were
made.
On two or three sales of few hun
dred tons apiece valley foundry iron
has declined 81 a ton to 500. furnace,
and the market is decidedly weak at
that figure, not so much because of COM
petition between valley producers but
because Of lower priced offerings by
other districts. Buffalo pig iron as well
as Birmingham pig iron can now be
bought at furnace prices representing a
slightly lower delivered cost at Pitts
burgh than valley iron at s29 plus the
regular S1.77 valley-Pttsburgh freight
and the trade expects the next i'm
portantant sales of valley foundry iron
to be at lower prices in consequence.
Basic iron. which was normal week
ago at SIS, furnace, has since been sold
by valley merchant furnaces at SIS,
furnace. valley steel interests are also
In the market and may shade this
figure, while sale of 10000 tons is re-
ported to have been made by an interest
outside the valleys for Massilon deliv-
cry at a price that it would require s27,
f. o. b., valley furnace. to equal. Bes-
semer Is quotable 81 lower. and the
market as a whole now stands as fol-
lows: Bessemer, s32 basic. s2s !;
malleable. $780, foundry $29. These
prices are (. o. b. valley furnaces
freight to Pittsburgh being s1.77.
Prompt furnace coke has sagged
another so cents in the week, while
foundry coke has held steady. Odd
lots Of furnace coke can be picked up
at s6.75, while good sized supply
might bring 81 to $7.25. This is for
spot or prompt shipment. Coke on
contract would be held at a higher fig
ure. Market demand for furnace coke
has been rather light in the last week,
as there are no additional furnaces go
ing into blast, and the furnaces hitherto
in blast are being well supplied by their
contracts. Foundry coke holds UP quite
well at last weeks range of IS to 50,
the latter price applying to the best
brands. The coke market Is quotable
as follows: Furnace. 1915 to s725 !;
foundry coke So TO 50.