Nikkei reported that Toyota Motor Corporation is seeking a price reduction of about JPY 5,000 per tonne from Nippon Steel Corporation and other steelmakers for the second half of the business year ending in March 2012, in line with a fall in materials prices.

It may be recalled that steelmakers succeeded in hiking prices for steel sheet in the last round of negotiations, citing higher materials prices, but are resisting significant cuts this time due to depressed earnings on the back of tougher competition against Asian rivals.

(Sourced from Nikkei)