Posted on 14 Jun 2010
Nippon Steel Corp and Toyota Motor Corp basically agreed to raise steel product prices for the April-September period by 20,000 yen per ton on average from those for fiscal 2009 that ended in March, sources familiar with the matter said Wednesday. The hike, due to soaring iron ore and other steel law materials prices since April, is expected to raise passenger car prices by around 20,000 yen per unit.
It will likely raise Nippon Steel’s product prices from the fiscal 2009 average of 75,400 yen to close to the all-time high of 104,700 yen for fiscal 2008. Steel and auto producers used to set steel product prices annually. Starting in April, however, steel materials prices are determined on a quarterly basis, prompting steelmakers to call for a switch to quarterly pricing.
