Toyota to reduce prices for steel supplied to component manufacturers
First price cut in wholesale steel price by Toyota in a year and a half
Toyota is expected to reduce wholesale prices for steel for auto parts suppliers in the second half of the current financial year, Nikkei Asian Review reported on 23 August. The Japanese automaker is reducing steel price after its steel supplier Nippon Steel & Sumitomo Metal Corporation agreed to cut price in response to decline in prices of raw materials such as coal. Toyota is expected to reduce steel price by around JPY5,000 (USD45) per tonne during October-March period. The Japanese automaker will notify its component suppliers regarding the price cut shortly, Nikkei said.
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