Japan: Nippon Steel to negotiate hike in steel price with vehicle manufacturers

摘要

LEADING Japanese steel supplier Nippon Steel has begun negotiations with large automotive manufacturers for increasing prices of its sheet products, claiming that it is unable to make up for higher prices of iron ore, zinc and other materials through its own cost-cutting efforts, Kyodo News reported, citing sources within the steel industry. According to the sources, other steel producers may follow Nippon, which may result in the fourth consecutive annual rise in steel prices, though they will likely run into resistance from vehicle manufacturers. Nippon Steel also aims to mark up the prices of sheet and other products sold as construction supplies or electrical appliance parts, likely causing consumer prices to climb as well.