Japanese automobile company Toyota has requested domestic steelmaker Nippon Steel to cut its auto plate contract prices by JPY 5,000/mt ($56/mt) for the second half (October-March) of the fiscal year 2011-2012, as reported by the Japanese Nikkei news service.
The global economic situation and declining raw material prices are considered to be among the reasons for the request. For the first half of the fiscal year, Toyota agreed to a rise of JPY 13,000/mt ($169/mt) in auto plate contract prices with Nippon Steel.