Toyota & Nippon Steel reach consensus to increase steel material prices in H1 FY23
Time:Tue, 07 Mar 2023 09:18:17 +0800
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Toyota and Nippon Steel have reached an agreement that Toyota will increase the prices of steel materials, which Toyota will supply to affiliated parts suppliers in the first half of the 2023 fiscal year.
Compared to the second half of fiscal 2022, the prices increased by about 10,000 yen per ton, and the prices have increased for the fourth consecutive half-year.
The agreement is an important guideline for domestic steel prices. Because of decarbonization and increasing iron ore, coal, and transportation costs, Nippon Steel and other steelmakers have no choice but to raise their steel prices.
