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 at the beginning of the year. 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 price of the agricultural tires manufactured and processed by Gitan for the Goodyear brand is 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 increased by 7.5%; Kam The North American company increased the price of all passenger car and light truck tires by 8% from June 1, and Hankook Tire raised the price of all its car tires, light truck tires and medium truck tires by 6% from June 1. Tire seller API company announced that from June 15 onwards, the price of Gyton Tire, which it resells, will be further increased by 6%. On February 1st this year, its GTI tires 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. The Swedish company, Treist, plans to raise the price of tires by 7% from July 1 on the basis of a price increase of 5% in March this year. The German brand Tire announced that it will re-adjust its use since April 29. The average price increase for vehicles and light truck tires was 4%. India’s JK Tire Company announced a price increase of 3% to 4% in June. The 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. It 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; France Michelin officially launched Shenyang 1.2 million full-steel load-carrying tires project in the near future. ;Yokohama Tire Corp. launched the Hangzhou tire expansion project in April, hoping to increase the production capacity of all steel tires from the current 3 million sets/year to 5.1 million sets/year; Japan's Toyo Tire & Rubber Co., Ltd. stated on May 10 that it plans to plan for the 2010 fiscal year. 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 planned total investment of US$1 billion. It produces 8 million semi-steel radial tires and 2 million all-steel tires.
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