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Show STEEL BUYING AT LOW LEVEL NEW YORK, Oct 6 P-Steel buying continues at a low level and ther is still doubt as to whether the bottom of the production de- clin has been reached, said Iron Ag Wednesday In Its weekly survey sur-vey of th trad. Uncertainty concerning th futur operating trend remain despit larg volum of long-delayd buying by th automobile industry. General Motors and Chrysler placed substantial sub-stantial orders, th summary said, although thsy did not arrlv In Mm to prvnt a further dip In ingot output this week to an estimated esti-mated 06 per cent of capacity. This compared with 74 per cent last week. "Having reached th nd of their one larg backlogs," th review stated, "th mill ar now forced to make rapid adjustment of operations opera-tions In lin with th volum of day-to-day ordara. A few companies compa-nies rcivd mor tonnag In September Sep-tember than In August, but for the majority the sales trend In the past month was downward. "October should bring an Improvement Im-provement ovr September both In automotive buying and In general replenishment, but th extent of th latter la dependent upon the rapidity with which miacsllansoua users of steels liquidate present stocks, which In many Instances ar sufficient to last from SO to 90 days at prnt rate of consumption." |