According to Nikkei business daily, Nippon Steel Corp. and Toyota Motor Corp. have agreed to price rises of more than 10% for specialty steel used to make auto parts.
According to trade paper, Japan Metal Bulletin, an automaker has also agreed to pay 10% more or 10,000 yen ($82.18) more for specialty steel for products to be delivered from July.
The news boosted shares in specialty steelmakers but depressed the automakers' stocks on concerns of expected heavier materials costs. Analysts had in general expected a price rise of about 5,000 yen per ton for specialty steel.
Takashi Aoki, vice president, equity investment division at Fuji Investment Management said: "It's a bit of a surprise. If the price is raised by 10,000 yen as reported and the rise is implemented retroactive from April, it's good news for large steelmakers' first quarter earnings."
Source : http://www.automotive-business-review.com/article_news.asp?guid=F31EAABA-9BB8-4887-A350-809C41639A4A
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