The New York herald., 1922-01-22
STEEL COMPETITION
Is BECOMING KEENER
Price Concessions Small Com
pared. With Heavy Cuts
in Summer.
PRODUCTION INCREASED
Five Contractors Figuring on
n. Y. vehicular Tunnel
Specifications.
PRODUCTION INCREASED

PITTSBURGH, Jan. 21.-The steel mar
ket IN recent weeks has been showing
increasing steadiness. but the last week
mas not kept up this record and price COM
petition has grown distinctly keener.
While efforts are made TO get each in
dividuaI order OF any importance, the
prize concessions are narrow compared
VITA the sIashing that was common last
August. when mills had much higher
basis from which to make concessions.
ON tho more highly competitive business
prices are being quoted not so much in
relation to what costs would be If a
higher operating rate were secured.
the difficulty being that the price con-
cessions do not increase the total vol
ume of business available. In few
commodities regular prices are being
maintained very stiffiy.
Miss operations are increasing, but
only slightly, and II Is hardly likely that
January will show a higher production
than December, when ingots were pro-
duce6 at the rate of 20,000.000 tons a
year. against a rate OF 23,000,000 tons
in October and November. Virtually
throughout the market there is reflected
the decreased consumption natural for
winter time the lull in demand being
seen in mill operations because the mills
entered the winter with little tonnage OF
actual shipping orders on books. Rail-
road demand for steel Is light and ac-
,.ording to predictions of railroad OFF,
Gals will remain relatively light while
present conditions continne.
The local pig iron market remains
extremely quiet, and while production
is light the furnaces are not shipping
al. their current make Nothing has
occurred to disturb prices, which are
,iuotable as follows: Bessemer, $3.50
basic, $Is25: foundry, $3.50. {. o. b.
valley furnaces, the freight rate ITO
Pittsburgh being s1.ss
Coke Market Softens.
After its recent stiffening the spot
coke market has softened again, and
standard grade can be had in small lots
ut prices we'll below $S, which appeared
10 be the minimum a week ago. De-
mand for spot furnace coke has been
light, there being virtually no demand
from blast furnaces. Nothing has oc-
Cured In the contract furnace coke
market. as all the current consumption
has been taken care of. The last con-
tract reported, covering the first quar-
ter, was at S3.10, but other business had
lust been put through at $3.15 and $500.
The quotable market now seems to be:
Spot furnace, $3.50 q S.15; contract fur-
mace s3.15@3.25: spot foundry. SS.7o
GD4.25.
AS a result of the recent declines in
crude oil prices one line pipe producer
whose pittsburgh district office FUR
nished orders aggregating 1000 tons
weekly before the cuts were made was
able TO accommodate only about $50 tons
III the week following the reductions
Virtually the only item of interest In
the line pipe market is the New York
vclnicular tunnel specification, on which
rite general contractors are figuring.
'rbis calls for approximately 375 TO 400
ions. as follows: $500 feet of 3-lnch,
1900 feet of 4-inch, 10000 feet OF
s-inch, $500 feet of S-inch and 1900
feet of 12-inch.
Notwithstanding the lui in tubular
oods demand. pipe mill operations con-
tinue on an average of a trifie under 40
oer. cent. OF capacity. with some makers
operating as near 100 per cent as Is
possible. WIN Hills dlu
mines mostly inactive in the Pittsburgh
territory, the larger avenues for the
disposal OF standard pipe are closed.
Unless conditions improve between now
and March 1, pipe mill operations are
scheduled for a big drop. December
cards are being generally observed. The
September i card on wrought iron pipe
IS still in force, with small lot buying
continuing insufficient to bring about
fairly satisfactory operations.
The improvement in the steel sheet
~ arlset appears to be stable. since II is
steady. Blue annealed sheets are again
teing ordered, and specifications include
some Of the heavier gauges, which have
for some time gone only to plate mills.
The prevailing quotation is 2.25c., Pitts
burgh.
Demand for Electrical sheets.
Fair sized orders for electrical sheets
are being placed. Orders for black and
salvanized sheets run at about the same
ste. as jobbcrs in widely separated dis
trlcts are replenishing their stocks. The
American Sheet and Tin Plate Company
IN ot oovro hoofo n, .t