Surging material costs stoke
inflationary pressures
NAGOYA/TOKYO -- Toyota Motor will
increase the price of automotive steel it sells to parts makers by a
record of around 40,000 yen ($289) per tonne in the October-March half,
following its latest round of negotiations with Nippon Steel.
Toyota is Japan's largest buyer
of steel, and is responsible for sourcing the metal for use both in-house
and by its suppliers. Its purchase price serves as a benchmark
for contracts in a range of industries from shipbuilding to home
appliance, and the latest hike could be felt through a wide swath of Japan's
business sector.