Japan's leading automaker and the nation's biggest steel producer have agreed on the largest price hike of steel products in over a decade. The deal between Toyota Motor and Nippon Steel could drive up costs in a wide range of industries.

Sources say the companies agreed to raise the price of auto-related steel products per ton by about 40,000 yen, or around 290 dollars. The change would be in place for the latter half of the current fiscal year through March.

That's an increase of up to 30 percent compared to the first half of the year. It would be the largest hike since fiscal 2010.

Soaring prices of iron ore, coal and other raw materials stemming from Russia's invasion of Ukraine are behind the deal.

The pricing agreement would set a benchmark for steel prices across industries. Experts say it would drive up costs of a wide range of products, including electronics.