Japanese mills and Toyota reported to have agreed steel price cut

It is reported that Nippon Steel Corp. and other Japanese steelmakers have agreed with Toyota Motor Corp. to cut the price of steel by more than 10 percent for the year through March 2010.
 
Accordingly, the price will be cut by about Yen 15,000/mt ($151/mt), the first reduction in seven years.
 
Toyota may seek further reductions depending on the result of the annual iron ore contract price talks, the report in question said.
 
Nippon Steel has declined to comment, while a Toyota spokesperson has said that the company is checking the report.