TOKYO (MarketWatch) — Toyota Motor Corp.  and Nippon Steel Corp.  have reached a final agreement to increase the price of steel sheets for vehicles by some 30% per ton, sources familiar with the matter said Saturday, according to Kyodo News.

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TOKYO (MarketWatch) — Toyota Motor Corp.  and Nippon Steel Corp.  have reached a final agreement to increase the price of steel sheets for vehicles by some 30% per ton, sources familiar with the matter said Saturday, according to Kyodo News.
Kyodo reported that the price hike of more than Y25,000 will bring the steel product price over the Y100,000 level per ton for the first time ever, the sources said.
The price increase is retroactive to April shipments, according to the sources, Kyodo said.
With the decision by the nation’s largest automaker, other automakers, including Honda Motor Co. (HMC) and Nissan Motor Co. (NSANY), are expected to accept a similar price increase, according to Kyodo.
Other steelmakers, such as JFE Steel Corp., are also expected to follow suit to conclude similar agreements with automakers, Kyodo reported.
Major Japanese steelmakers expect a threefold spike in coal prices and a 65% jump in iron ore prices in fiscal 2008 that started April 1, Kyodo said.
They have demanded automakers to accept a steel sheet price increase of some Y30,000 per ton for the year, but their negotiations with automakers have proceeded with difficulty, according to Kyodo.