Nippon Steel (TYO:5401) will boost prices for steel sheets for retail and secondary processors by 10,000 yen per ton, or about 10%, starting with May shipments, the first increase since March 2024 deliveries, Nikkei reported Wednesday.

The hike will cover all sheet products, including hot-rolled, pickled, cold-rolled and plated steel. It will also apply to manufacturers that process sheets into pipes and other products, according to the report.

The company cited rising raw material costs, including for coking coal and ferroalloys, as well as a weaker yen, higher labor expenses and increased logistics costs. Nippon Steel said overall costs have climbed by more than 10,000 yen per ton compared with the first half of fiscal 2025 and it may consider further increases if needed, the report said.

JFE Steel also said it will raise thin steel sheet prices by 10,000 yen per ton from May shipments, according to the report.

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