Nippon Steel plans to raise prices for steel sheet and plate by 10%-20%, reflecting the higher cost of iron ore, according to the Nikkei Weekly, a business newspaper in Tokyo. The steel price increase is targeted for April and is keyed to steel mill products used in automobiles and major appliances, ships and machinery. The Nippon price hike would boost home-market hot-rolled steel sheet to $540/ton. According to the MEPS (International) steel market research firm, the current market price for hot-rolled sheet in Japan is the equivalent of $490/ton, after averaging $476 in the second half of 2007.
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