Toyota and Nippon Steel agree on price hike for first half of fiscal year

Toyota and Nippon Steel have agreed on a steel price increase in their regular negotiations, it was learned Saturday.

Under the agreement, the prices of steel materials that Toyota will supply to affiliated parts suppliers in the first half of fiscal 2023, which starts in April, is expected to increase by about ¥10,000 (about $74) per ton compared to the second half of fiscal 2022. This will be the fourth consecutive half-year price increase.

Toyota procures steel materials used by the firm and its parts suppliers in bulk. In principle, the company negotiates prices with Nippon Steel every six months.