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Toyota Expected to Cut Price of Steel to Its Suppliers
Toyota Motor Corp. is likely to lower the cost of steel it resells to its parts suppliers by about 5,000 yen ($46) per ton beginning in October, according to The Nikkei.
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Toyota Motor Corp. is likely to lower the cost of steel it resells to its parts suppliers by about 5,000 yen ($46) per ton beginning in October, according to The Nikkei, which cites no sources.
The reduction would be Toyota’s first in 18 months. The lower price reflects cheaper wholesale rates Toyota negotiated from steelmakers for the April-September period.
Toyota negotiates huge steel purchases every six months, then resells the material to its major vendors. The Nikkei notes that shifts in the price Toyota pays often impact steel price negotiations for other sectors in the Japanese economy.