The New York herald., 1922-10-15
STEEL INGOT OUTPUT |
Is AT PEAK FOR 1921
Consumers Handicapped by
Shipping Troubles as Mill
Stocks Rise.
BASIC PRICES UNCHANGED
Coal Market at Pittsburgh Is
Easier, Railroad Troubles
Having Effect.

Special Dispatch to THE NEW YORK HERALD.
PITTSBURGH, Oct. 14.-Steel ingot pro-
duction was at an average rate OF 3d.
000.0 tons a year In September.
against an average OF 10000. 900 tons
for August and 36.o0o.ooO tons for July.
AS production was decreasing sharply
during August, the rate at tho close OF
the month was relatively low. and the
recovery since then has been rapid. The
present rate IS probably above the 36.-
500.000-ton rate shown for June, the
highest rate reported for the year.
Many consumers of steel are short be-
cause, while the mills can now make
steel with relative ease. they cannot ship
freely. There are already some fairly
large accumulations of steel at mill,
urgently wanted by tho consumers
against whose orders it was made. Less
steel will be needed during the winter
than now. hence the anxiety OF con-
sumers. Mills are indisposed to pile steel
freely as they did during the transporta-
tion disability OF 1920, and curtailment
of production by reason OF steel accumu-
lating may soon result.
Steel prices maintain an even keel.
Basic prices for late delivery show no
disposition to change. Delivery premi-
ums showed some tendency to narrow in
the last few weeks, but on account of
shipping difficulties that disposition Is
not pronounced. The rail mills have ac-
cumulated some good winter and spring
rolings, and there is also a good volume
of track fastenings on books. the total
amounting to perhaps 100000 tons.
Pig Iron Lacks Activity.
Pig iron continues to exhibit a slight
turnover, with prices not we'll defined.
and beyond consumers reach. Occa-
sional assumptions OF merchant furnaces
do not bring much additional iron into
tho market as the furnaces have old
orders to fill. The Cambria Steel Com
pany's offerings still seem to control the
Pittsburgh market, and arc understood
to be at the following prices. T. o. b.
.Johnstown, freight to Pittsburgh beng
the same from Johnstown as from the
valleys, SLIT; Bessemer. $33; basic,
$31; foundry, $32.50; malleable, S3250
The Connellsville coke market has pre-
sented virtually an even balance between
demand and supply in the last week In
most quarters it is held that the general
tone of the market is not altogether so
strong as a week ago. Furnace coke
was quotable a week ago at s12 to
$3.50, and this is still the quotable
range. In foundry coke the chief change
is that a price above s14 has rarely
been paid, against $14.50 q week ago.
There does not seem to be any standard
foundry coke to be had under $3.50, the
minimum a week ago. Thus the market
is quotabe as follows: Furnace coke.
s12 to $3.50; foundry coke. $3.50 to
S14.
The Pittsburgh coal market is some-
what easier than a week ago-that is, it
IS harder TO sell coal. At the same time
II is harder to ship, as car shortages are
more pronounced. Indifferent grades or
steam coal that used to have a ready
sale are no longer n factor. Good
grades of Pittsburgh steam coal are
quotable at $3.50 to s3.75. By-product
coal in general is at 81 to s4.25. Best
grades of gas coal are quotable at $3.50
10 S4.75.