Toyota to lift steel prices for its component makers by $285/t

Toyota Motor, Japan's largest automaker, has started informing its affiliated component makers that prices of steel material supplied through its centralized purchasing scheme for October-March 2023 will be lifted by Yen 40,000/tonne ($285/t) from the first half year, according to industry sources.

The price increment is believed to be decided based on the price settlement between Japan's integrated giant Nippon Steel and Toyota, which is usually seen as the benchmark among other integrated mills and their long-term contract customers – including shipbuilders, machinery manufacturers and home electronics makers, Mysteel Global noted. "Nippon