The world’s largest carmaker is increasing the hot-rolled steel prices that it sells to its suppliers, raising an industry benchmark.
Auto News cited a Bloomberg report that Toyota Motor Corporation “on Wednesday notified its suppliers of a plan to increase the price of hot-rolled steel by 8,000 yen ($81) a ton to 74,500 yen ($757) in the October-March period from April-September” – a 12 percent increase – “according to [three] people [familiar with the matter], who asked not to be named as the matter is private.”
“The price increase shows that Japanese exporters and their suppliers are sharing some of their gains from a weaker yen resulting from Prime Minister Shinzo Abe’s economic policies,” the report continued.
The week’s biggest mover on MetalMiner’s weekly Automotive MMI® was the Chinese lead price, which saw a 2.8 percent increase. This week marked the third in a row of rising prices for the metal.
Following a 5.5 percent increase in the week prior, the cash price of primary copper fell 0.5 percent on the LME last week to $7,236 per metric ton. The 3-month price of copper fell 0.4 percent on the LME to $7,270 per metric ton after rising 5.5 percent the week before.
The price of Korean 5052 coil premium over 1050 aluminum sheet did not change since the previous week.
Meanwhile, the US HDG steel price rose 1.2 percent after falling 1.7 percent during the previous week.
The price of US platinum bar rose 0.5 percent over the past week. This was the third week in a row of increasing prices. US palladium bar gained a slight 0.4 percent this past week.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.