Recently, several tire companies have announced that they will raise the price of tires by about 3% in the Chinese market and up to 9% in the overseas market. Industry insiders said that tire prices rose because the prices of carbon black, rubber and other raw materials increased, resulting in higher production costs. On the other hand, with the sudden rapid recovery of market demand, tires are still in short supply.
The cost increase is one of the reasons for the upsurging price in this round. Data show that as of December 16, 2022, the average price of natural rubber in China is 12,483 RMB/ton, up 10.2% compared with the price at the beginning of November. The average price of carbon black is 11,294 RMB/ton, up 10.13% from the beginning of September and 23.78% from the beginning of 2022.
The price of the global tire market rose even more. Bridgestone Tire Germany has announced that from January 2023, they will increase the price by 4% for some summer tires, 5% for winter tires and 4% for the whole season tire. Michelin Tire Japan has decided to raise the price of the truck, light trucks and construction tires by 8% starting from January 3, 2023. Michelin Tire Americas will also increase the price of their product lineup for passenger cars, light trucks, commercial road and mining products and services in the United States and Canadian markets by up to 9% on January 1, 2023.
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