Forbes Says Tyre Price Hikes Coming
Forbes.com has reported that Sumitomo Rubber Industries Ltd, Yokohama Rubber Co. and Toyo Tire & Rubber Co. plan to increase prices on their “synthetic-rubber tyres” by four per cent to seven per cent sometime this fall. While none of the companies has made a formal increase announcement, Forbes.com said Japan’s major chemical companies and companies that buy petroleum-based raw material are “scrambling to raise prices of their products” because of fast-rising crude oil prices.
Toyo representative Junko Koide confirmed that the company would increase its prices from the 1 October. The price increases were said to affect passenger car, light truck, and studless truck tyres.