Japan’S largest automobile concern Toyota Motor, will raise steel prices today, which it sells to producers of spare parts, by a record 20-30% – by 40 thousand yen (almost $290) per ton. The markup will be valid from October 2022 to March 2023, reports newspaper Nikkei.

The sharp increase in steel prices after the final round of negotiations between Toyota Motor and Nippon Steel. Toyota is the largest buyer of steel in Japan.

The company is responsible for supplying metal for both its own production and for its suppliers. Raising steel procurement prices from Toyota Motor could affect many sectors of the Japanese economy – from shipbuilding to home appliances, says the material.

On September 1, TV channel CNN reported about Toyota’s plans to invest $5.6 billion in new plants to produce batteries for electric cars in Japan and the USA. But unlike other automakers that are going all-in on electric cars, Toyota said it is still not convinced that this is the best way forward.

We previously reported on why the price of a barrel of oil was falling on 08/31/2022.