Yokohama has announced that it will raise its North American passenger and light truck tyre prices by 8 per cent on 1 December. The increasing raw materials, manufacturing and logistics costs are cited as the reasons behind the price hike.
The period between April and August this year yielded a 29 per cent increase in domestic tyre production in India on the back of a sharp rise in automobile sales, according to a report published by Business Standard. This rise is made even more impressive when one considers the spiralling natural rubber prices in the same time-frame. The report states that the major tyre manufacturers produced 47.1 million tyres in April-August 2010, as opposed to 36.7 million in the same period of 2009.
Automotive Tyre Manufacturers’ Association (Atma) reportedly sought suspension of futures trading in natural rubber (NR) on 20 October. According to India’s Business Standard newspaper Rajiv Budhraja, director general, ATMA wrote to the Forward Markets Commission (FMC) and the Rubber Board after rubber futures went up by 5 rupees for the November contract in one day reaching 191 rupees/kg from 186/kg earlier. By 20 October NR futures are said to have risen to 200 rupees/kg.
Alcar, purportedly the UK’s largest wheel importer and wholesaler, has released details of a new wheel from Dezent; The Motion 2. The sequel to the first Motion design, the new rim showcases a ‘Y’ spoke profile that tips its hat towards some of the great competition designs of the ‘80s and ‘90s. In fact, the wheel doesn’t just boast trackside looks, thanks to a unique heat-treating process during casting and an impressively light 6.6 kg weight on the 15-inch version, these are genuine track-ready wheels that have already been proven in the heat of battle in the Toyo Tyres Racing Saloon series.
Nankang Rubber Tire Corp., Ltd will increase prices on all its Nankang branded product lines by up to 7 per cent, the company told Tyres & Accessories in a statement dated 20 October 2010. The price hike is scheduled to take effect 1 November 2010.
Hankook Tire, reportedly the world's fastest growing tire company, has unveiled a tyre-shaped building wrap that stretches across the New York Marriott Marquis hotel in the world-famous Times Square.
"This is another example of our commitment to raise the premium profile of Hankook Tire brand in North America," said Soo Il Lee, president of Hankook Tire America Corp. "As the quality and performance of Hankook tyres continues to be the foundation of our sales success, we must intensify our effort to attract even more new consumers to consider Hankook Tire brand. We see this as a unique opportunity to do just that. This billboard will generate millions of brand impressions in a short period of time and associates Hankook Tire with some of the most popular consumer brands in the world."
In response to rising raw material costs, Toyo Tire USA is increasing prices for its passenger car, light truck and truck tyres by up to six per cent, with in line adjustments.
A planned fourth factory is expected to increase Balkrishna Industries’ tyre making capacity by 73 per cent. Indian media sources report the tyre maker plans to establish a new facility in Bhuj, Gujarat state, by the third quarter of the 2013 fiscal year.
Two decades ago, the United States was home to more than one billion stockpiled scrap tyres, and only 11 per cent of the annually generated scrap tyres were sent to an end use market. It was, reminisces the Rubber Manufacturers Association, a situation where the tyre manufacturing industry was contending with a nascent scrap tyre industry – and the US Congress wanted results.
Prices for Hankook Tire America’s passenger car, light truck and medium truck tyres will increase by up to 6.5 per cent on November 1, 2010. The company reports that rising energy, raw materials and transportation costs have necessitated this price adjustment.
Prices for all Pirelli passenger car and light truck tyres sold in the United States will rise as of December 1, 2010. Increases of up to seven per cent will apply. Pirelli says the higher prices are being implemented due to increasing raw material costs.
Cam Systems’ MIDaS B2B, the online ordering platform for tyre wholesalers, is on track to hit £200 million in annual sales by December 2010 across its client base. According to the IT-provider, the rise in online transactions is a result of its use by tyre wholesalers as a key sales process enabler in conjunction with their retailer partners. The MIDaS managed service enables the acceleration of the ordering process between the retailer and wholesaler considerably. Cam also says it is easy to implement, informative and accurate.
Calling it the worst natural rubber shortage in years, industry analysts expect record shortages to continue into next year, according to reports. Heavy demand by tyre-makers around the globe coupled with a combination of drought and heavy rains in plantation areas has sharply reduced output and inventories of natural rubber, according to Bloomberg, with analysts saying natural rubber production will continue to lag for the next two years. What that means is further increases in natural rubber costs to tyre-makers, and higher finished good prices for tyre dealers and consumers.
Major American tyre-makers, Goodyear and Cooper have announced that they will raise North American retail prices by up to 6.5 per cent, tracking the continuing rise of raw material costs. Spokespeople for both companies told Bloomberg today that following the price rises implemented in June, materials such as rubber have continued to rise, making further hikes necessary.
Prices for Pirelli consumer tyres in European markets will increase on October 1. The Italian manufacturer says prices for its entire car, 4×4 and light truck range in all markets will rise by four per cent. Industrial tyre prices have also increased by up to six per cent; these changes came into effect in early September.
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