Japan Steels and Electric Appliance Makers Agree in 15,000 y/t Hike

Japanese integrated steel makers seem to have almost agreed with major electric appliance makers in price hike of steel sheet. Panasonic, Japanese largest electric appliance maker, approved price hike of hot, cold and surface treated steel sheets by 15,000 yen per tonne effective for July 1 shipment. Steel makers turned a first hard corner of price negotiation with electric appliance makers.

Integrated steels are suffered from sharp cost up of raw materials. Iron ore price nearly doubled for April-June and coal price jumped by 55%. Steel makers have offered price hike against large-lot steel users including automakers and electric appliance makers. Nippon Steel could agree with Toyota Motor in price hike by about 20,000 yen per tonne for April-September shipment.

A dealer source said steel makers must face next hard price negotiations for the second half of fiscal 2010 (October 2010-March 2011) though the first round has nearly concluded with makers of automobile, office automation equipment and electric appliance.