Japanese steel producers expected to hike prices

Japanese steel producers expected to hike prices

Japanese steel producers reportedly will have negotiations with domestic automobile, electric and shipbuilding companies about price hikes that are planned to be made in the middle of May to be effective for shipments as of half of fiscal of 2004. The price of steel sheet for automobiles and steel plates for ships will be increased at the range of 5-10% against the prices of previous year. The average increase amounts Yen 5'000 (approx. $46) per ton. However, it is stated that the new prices will not please steel producers as they will still be 10% lower than international prices. The prices will be increased due to rise in costs of raw materials, such as iron ore and coal.