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Toyota set to steeply increase steel prices for suppliers

Hike comes amid rising costs of raw materials as world economy recovers

Toyota's Takaoka plant in Aichi Prefecture, Japan. If the price of steel rises by 20,000 yen per ton, the cost of steel in an average car will increase by about 15,000 yen.

TOKYO -- Toyota Motor will raise the price of steel materials that it sells to its suppliers in the second half of fiscal year 2021 by about 20,000 yen ($182) per ton, its largest price hike in over a decade, Nikkei has learned. 

The move is Toyota's first price increase in two years and highlights the impact of rising commodity prices as global industrial activity recovers from the COVID-19 pandemic. 

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