Further Price Rises for Sumitomo Group Tyres Announced
SRI Tire Trading, the tyre exporting company belonging to the Sumitomo Rubber Group, is to increase the export prices of its Dunlop, Falken and Sumitomo brand passenger car, light truck, truck and bus and motorcycle tyres in Europe, North and South America, Asia and the Pacific, Africa and the Middle East. Increases will be implemented gradually from July onwards, and will range between 5 and 15 per cent, depending on tyre type, size and market. The company, however, reports that most increases will be in the vicinity of 5 to 10 per cent.
The increases are due to, SRI adds, surging raw material prices, including those for rubber and crude oil. The company says the level of these increases since last year is now to great for it to absorb internally, and thus it must introduce this, its second price increase this year – a 3 to 7 per cent price rise was also announced in the first half of the year.