As the price of rubber raw materials continues to rise, tire profits have shrunk dramatically. Recently, tire manufacturers have had to increase sales prices. This is the second wave of rising prices in the global tire industry following the increase in tire prices in early 2010. This wave of price increases involves almost all tire companies and tire types, mostly in the range of about 5%. With the increase in the price of tires, the global investment boom in tire companies once again rose.
North America has always been the world's tire price indicator. Recently, Nexans Tire America, Pirelli North America Tire, Kumho North America and other tire companies in the United States have announced that they have raised tire prices. Nexans Tire Americas stated that due to the rapid rise in raw material prices and shipping costs, from June 1, 2010, tire prices for all sizes have been increased by 8%; all Pirelli tires and light trucks sold in the United States have replaced tyres. The price increase will be 4%, effective on July 1. Goodyear's tyre sales in North America will increase by an average of 6% on June 1st, including three brands: Goodyear, Dunlop, and Kelly Springfield. The company has raised the price of agricultural tires and engineering tires of the Tetan brand on the global scale since June 1st, and the prices of agricultural tires manufactured and processed by Gitan for the Goodyear brand are 6%; Dongyang Tire USA Co., Ltd. from June 1st. Since then, the price of passenger tires, light truck tires, commercial trucks, and construction machinery tires has been adjusted to 8% across the board; Bridgestone’s Bendark Tire Solutions Company has sold its Fair sold in the US from June 1st onwards. The price of tires for Stone, Dayton and Bendak increased by 6%; Yokohama Tire USA Co., Ltd. raised its overall consumer price by 8% from June 1st; Cooper Tire & Rubber Co., Ltd. will use its cars and light trucks. Off-road tire prices increase by 7.5%; Kumho North America, June 1 Increased the price of all passenger car and light truck tires by 8%; Hankook Tire raised the price of all its car tires, light truck tires, and medium truck tires by 6% from June 1; Tire dealer API announced From June 15th onwards, Giti tires for which it was resold were further increased by 6%. On February 1 this year, the tires sold by Giticom have been increased by 8%.
The main reason for the rise in tire prices in North America is that the prices of raw materials such as rubber have continued to rise, and shipping costs have risen sharply, making it unbearable for tire companies. John Cooney, Sales Director of the Yokohama Commercial Vehicles' Tire Division, stated: “The rising prices of tire raw materials, energy prices and transportation prices are beyond the scope of the company and it is a last resort to make price increases.†Another driving factor in price increases is North America. The automotive industry began to recover and demand for tires grew. However, as the United States imposes a special tariff of nearly 35% on China's passenger/light truck tires, the import of passenger/light truck tires from China is basically blocked, resulting in a shortage of US tires, especially low-grade tires. Contradiction between supply and demand may provide a possibility for price increases. North American tire consumers have to pay for special tariffs.
Rising tire prices are spreading outside of North America. Based on the price increase of 5% in March 2010, the Swedish company Triest plans to raise the price of tires by 7% from July 1. The German brand Tire announced that it will re-adjust its ride from April 29th. The price of tires for trucks and light trucks rose by an average of 4%. India’s JK Tire Company announced a price increase of 3% to 4% in June. This price increase is the fourth increase in price of JK Tire within six months.
The world's tire giants have also increased tire prices in China. The price of Michelin tires in China has been raised by 5% recently, and the price of common 185/60/R14 tires has been raised from 360/bar to 380/bar; Qingdao Nikesen Tire Co., Ltd. plans to carry out step-by-step price adjustments during the period from April to August. More than 10%; Bridgestone, Goodyear, Kumho, Hankook and other tires have also carried out price increases, generally around 5%. According to dealers, despite the increase in prices, tire sales have not been affected, and some varieties still show a situation in short supply.
With the increase in prices and the market is booming, the enthusiasm of worldwide tire expansion has once again increased. New projects and expansions are mainly concentrated in emerging countries such as China and India. Apollo announced the global tire expansion plan in early June 2010. The company plans to invest a total of 195 million euros, increase global production capacity by 15,000 tons per day, and intends to develop in China; Michelin in France recently launched 1.2 million sets of full steel load in Shenyang. Tire Project; Yokohama Tire Corporation launched the Hangzhou Tire Expansion Project in April to increase the capacity of all steel tires from the current 3 million units/year to 5.1 million units/year; Japan's Toyo Tire & Rubber Corporation stated on May 10th that it plans to be in 2010 In the fiscal year, it invested approximately 15.5 billion yen to increase tire production capacity in North America and China; Zhengxin Tire (Taiwan) Group launched a 10 million/year radial tire project at its longevity production base with a total planned investment of US$1 billion. It can produce 8 million semi-steel radial tires and 2 million all-steel tires annually.
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