Reportedly, the world's largest carmaker Toyota has notified its suppliers of a 12% prices-lift plan for hot-rolled steel by ￥8,000/ton to ￥74,500/ton for the second half of this 13-14 fiscal year.
In July, Japanese steelmaker Nippon Steel & Sumitomo Metal Corp. had reached an agreement with Toyota to lift prices by ￥10,000/ton for the period in question.
Toyota buys steel in bulk and resells it to its auto parts makers for production so that to save cost and reduce currency risk.