Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-06
TREND FAVORABLE
TO STEEL MARKET
Review Points Out Better
Development in Sensitive
Situation.
BY the Associated Press.

BY the Associated Press.
NEW YORK, May ga gain in pig
iron output in April, sustained activity
in the automobile industry, growing de-
mands for pipe line and other conStruc-
| ton projects, and indications that the
| down trend of steel production is en-
countering greater resistance are favor
| able developments in highly sensl-
tive iron and steel market, Iron Age Will
say tomorrow in its weekly review.
"Offsetting factors" the review says,
include a net loss of three active blast
furnaces in April, further decline IN
scrap prices and continued tapering OF
tin plate and rail production.
THE increase in pig iron output, the
fourth consecutive monthly gain was
81 per cent on a daily basis. Produc-
ton for the 80 days of April was 2.019,529
tons, compared with 2,032,248 tons for
the 81 days OF March, and the daily
average were 67,317 tons and $685.
tons, respectively. Despite the improve
ment the April rate was the lowest for
that month since 1921 and with that
exception the lowest since 1909. Fur
naces in blast on May l totaled 113,
against lie on April /.
Estimates Difficult.
Variation in steel ingot output have
become so small as to make weekly esti-
mates exceedingly difficult. Valley OPP
erations now range from 35 to 40 per
cent and there have been slight losses in
Birmingham and Eastern Pennsylvania.
On the other hand, Buffalo output has
gained and production in other inpor-
tant centers is unchanged. The aver
| age for the country at large is placed
at AZ per cent as compared with about
48 per cent q week ago. The steel
corporation rate Is estimated at two to
three points higher than that Of the en-
tire industry.
Automobile production In April
more than fulfilled the Iron Age esti-
mate Of $50, 900 cars Informa-
ton regarding current Ford operations
Is rigidly guarded, but May schedules
OF other companies show little change
from those of April.
steel specifications from the motor
car industry are spotty, but a sharp
! gain in bar business at Chicago is at
tributed largely to mere liberal auto
motive releases"
Placing Steel for Dam.
Pipe line awards total $4,000 tons.
Prospective oil storage tank business,
| due mainly to the bringing in of wells
| in the new East Texas field totals
10000 tons. Demand for small tanks,
used for filling stations and oil burner
units, has increased sharply and a Chi
cago district fabricator of such con-
tainers is now operating "a hours a
day. Steel for the Hoover Dam, $4,000
tons, is now being placed.
Fabricated structural steel awards,
at $4,000 tons, compare with 10000
tons a week ago. New projects total
| $4,000 tons, the Missouri Pacific has
| purchased $4,000 tons of rails and the
Chicago & Northwestern has released
| 5000 tons.
With further declines in heavy melt
ing scrap at Pittsburgh and Chicago
the Iron Age scrap price composite
is now down to $10.33 a gross ton,
against $10.67 last week. The present
level is the lowest since the early
weeks Of 1915. Finished steel, after
holding at 2.12s cents pound for
six weeks, has made a new low for the
year at 2.114 cents, the lowest since
May, 1922. Pig ircn remains at $3.50
a gross ton.