Japanese producers considering an increase in sheet prices

Japanese producers considering an increase in sheet prices

Market sources report that steel producers in Japan are engaged in discussions with their clients, including automakers and electronics manufacturers, regarding a possible increase in steel sheet prices. According to the news, although having raised prices once this year in April, in order to counter the large surge in raw material prices Japanese steel producers are increasing their prices once again this year. Sources state that the major Japanese electronics companies have agreed to the price hike, which is to be increased by Yen 5'000/ton ($45.30), however they do not intend to pass the increase onto customers. Japan's largest steel producer, Nippon Steel Corp., according to reports, has requested automakers to accept an additional price rise of Yen 7'000-8'000/ton ($63.43-$72.49) and requested shipbuilders to accept a Yen 15'000/ton ($135.92) increase. The steel companies are expected to win their customers consent as demand for steel plate is rising in Japan and China.