Japanese steel firms seek price increase approval

Japanese steel firms seek price increase approval

Major Japanese steel producers look for their customers, including automakers, to approve a projected price increase on steel plates, according to recent market news. Sources report that Japanese steel producers want to increase their plate prices by Yen 13'000 ($125) per ton, effective for shipments as of April 1, 2005. As previously reported by SteelOrbis, Japanese steel producers hiked their prices twice during 2004 in an effort to offset rising raw material costs. It is not yet clear whether the automakers, shipbuilders, and electronics firms will approve the price increase; however, it seems that any rise in steel prices will be most pronounced in the automotive sector.