Steel Price Hikes to Impact Japan’s Manufacturers as Costs Surge
- Nippon Steel set to raise contract prices for second half
- Waning demand also hitting steelmakers amid yen’s decline
A Nippon Steel Corp. plant stands in Kashima, Japan.
Photographer: Toru Hanai/BloombergThis article is for subscribers only.
Japan’s biggest steelmaker -- grappling with rising raw-material costs, a falling yen and waning demand -- has warned the nation’s manufacturing giants face more price hikes this year.
Nippon Steel Corp. is securing increases on contract prices through negotiations with domestic customers in the second half of the fiscal year through March, Executive Vice President Takahiro Mori said in an interview. The company will pass on the surge in costs, including for iron ore and coking coal, which have been exacerbated by a historic decline in the yen.