Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-09
MARKET FOR STEEL
CONTINUES QUIET
Price Structure Is Weaker as
Large Consumers CurtaiI
Their Orders.
epecial Di,pstch TO The star.

Special Dispatch to The Star.
CLEVELAND, Ohio May 9.-Iron and
steel markets have drifted deeper this
week into a torpid condition, says Iror
Trade Review, Cleveland. Whatever
support the automotive industry is lend
ing the situation--and this support con-
tinues extremely spotty-is more than
neutralized by the apathy of other large
consuming groups. A new and discour-
aging note is the tendency OF some
Western railroads to hold back releases
on track material. In many respects
the markets are displaying the listless-
ness characteristic of Midsummer.
The price situation grows progressive
ly weaker and is a factor in inducing
consumers to restrict their commitments
rigidly Thus far, large producers ap-
parently have been disposed to let the
weakness run its course, but there Is
some opinion that an attempt to stabilize
will be made shortly by the formal an
nouncement of new prices, which pre-
Sumably would recognize some OF the
current low levels.
The United States Steel Corporation
whose pipe subsidiary month ago met
shading with an open reduction OF "a
a ton. has done likewise on wire prod
ucts through its steel and wire sub
sidiary, cutting these lines 81 to So
Plate, shape and bar prices appear to
be working below $l.80, Pittsburgh,
though some business, especially IN bars
still is done at that level. Few OF the
finished steel lines are untouched by
the wave of softness. Pig iron Is on %
cents a ton at Cleveland and st. Louis,
wire RODS are down 50 and scrap still Is
easing off.
Sensitive to this condition, the Iron
Trade Review composite declined 81
cents this week to 1895. Not since
January. 1927, has the composite moved
so violently In one week. For 10 weeks
now 1t has receded, and at present Is
the lowest since the first week OF April
1922. v
Steelmakinr rates attest the dull
market. For the fourth consecutive
week Steel Corporation subsidiaries are
unchanged at 80 per cent. Finishing
mill rates at youngstown are on Slgnt-
". to lust below 10 per cent this week.
AT Cleveland, they have declined from
IS per cent to 70. and at Buffalo from
70 per cent to 68. Chicago rates are
little changed at 80 to 95 per cent, and
Pittsburgh at rs.
ineot production reflect the dlfncultleS
of producers in matching shipments
with incoming business. Pig iron was
produced in April at a daily rate OF
1o6,4l8 gross tons, fractionally higher
than the l04930 tons of March and
comparing with 122.l06 tons last April.
Last month was the fourth consecutive
one to record gain in the &c daily ally, rate ,os
but the fact that on April 50 only 1oz
blast furnaces, or two less than on
March 81, were in blast, may indicate
q reversal in May.
Steel ingot production turned down.
ward in April the daily rate OF 1893
gross tons comparing with 164,96l tons
in March and being the lowest since
January Last April ingot production,
at 1924 tons, also deemed Irom
March hut It came back in May to set
an ali-time record Aprils total OF
4,i43,312 tons brought the four-montn
total to 16,286.718 tons, or IA per cent
below the 18,812,637 tons of a year
apo. Steel making has averaged 30 per
cent of capacity thus far in 1880, con-
trasted with SO per cent a year ago.