It is reported that Nippon Steel and other Japanese steelmakers are calling for cuts of the costs their raw materials as the costs of natural resources plummet and demand for steel drops.
As per report, the steelmakers would bring the prices back down to 2007-2008 levels in seeking a 40% cut in iron ore prices and 60% to 70% cut in coal prices.
Most steelmakers have announced output cuts and the companies will make their requests to iron ore and coal suppliers such as BHP Billiton and Rio Tinto.