NAGOYA/TOKYO -- Toyota Motor will increase the price of automotive steel it sells to parts makers by a record of around 40,000 yen ($289) per tonne in the October-March half, following its latest round of negotiations with Nippon Steel.
Inflation
Toyota to hike price of steel supplies for parts makers by up to 30%
Surging material costs stoke inflationary pressures
A Toyota Motor plant in Zarate, Argentina. Steel is believed to account for around 50% of the material cost of a car. © Reuters
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