The British _Mercantile Gazette_ of January 15 states that the
situation and prospects of the iron trade have not materially improved
in the month of December, but some week or two must elapse yet before
trade returns to its regular channels. In the north of England the
tone of the market is tolerably cheerful, and prospects, though still
vague, are considered encouraging. Makers of pig iron go into the next
quarter with a good supply of orders on their books, and merchants and
consumers are desirous of buying over the first half of the year.
Notwithstanding the great depression which has ruled throughout 1876,
there is likely to be a greater production of pig iron by several
thousand tons than ever there was before, and the total make must
considerably exceed two million tons, which is twice the quantity
turned out in Scotland, though in the latter district a greater number
of furnaces have been kept in blast. Prices are nominally the same as
were quoted last week, but show an upward tendency. The bulk of the
mills and forges, foundries, etc., have resumed work, and the finished
iron trade is again in full swing. The plate department is well
provided with orders, but the rail manufacturers, though rather better
off than they were, are still in a poor position. The miscellaneous
branches of the iron trade, such as the foundries and tube, wire, and
cut-nail manufactories are generally well off for orders, and
engineers find plenty to do. The wages agreement in the finished iron
trade ends this week, but it is thought that no alteration will be
made. In the South Staffordshire iron trade, work has been only
partially resumed as yet, and many of the mills and forges will not be
started until the quarterly meetings, next week. Orders have rarely
been so scarce as they are at this moment, arrears having been pretty
generally cleared off before the holidays, and no new ones coming in.
Nevertheless, the feeling of the trade is more hopeful than it was a
month ago. The number of furnaces in blast in this district is now
only 58 out of 153; but should the expected improvement in trade
arrive with the quarterly meeting, this number will soon be increased.
In the finished iron branch, in which quotations for marked iron
contain the basis of $45 for bars, makers of leading brands of sheets
and bars are better off than the manufacturers of cheap iron, who
suffer much from competition in the north. Some considerable contracts
for girders, bridges, gasometers, etc., are under execution at the
works devoted to constructive ironwork; but the merchant iron trade,
as a whole, is very dull. Unmarked iron is weak and variable, and to
this circumstance may be attributed the reduction, announced this
week, in various descriptions of common iron hardware.
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