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Hankook Contemplating Price Increase

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Bloomberg has brought news of Hankook Tire’s plans to increase prices to meet rising raw material costs. The company has already raised prices in the US, and according to the news service, Hankook Tire spokesman Yoon Seong Ha said “We’re considering raising prices in other regions.

“The timing and size of increase may differ region by region, but a price increase seems inevitable after raw material costs including natural rubber climbed,” the spokesman added.

According to Kim Yong Soo, an analyst at SK Securities, Hankook will, on average, be able to increase prices by eight per cent in 2010: “The price increase may not fully cover the increase in raw material costs, but strong global demand for cheaper tyres such as Hankook’s should limit the impact.”

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