TOKYO: Japan's biggest steelmaker Nippon Steel & Sumitomo Metal Corp is seeking an increase in product prices of about 10,000 yen ($96) per tonne from customers amid surging coking coal prices and weak margins, its president said.
"We've sought a price hike since the first half of this financial year to improve our margin," Nippon Steel President Kosei Shindo told a news conference. "Given the surge in coking coal prices, we are now seeking an increase in (steel product) prices by 10,000 yen (a tonne) in total."
Prices of steelmaking coal, or coking coal, have more than doubled this year.
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