Indian Tyremakers Raise Prices with Rubber Soaring
Tyre manufacturers in India are responding to the sustained, near-record input cost of rubber by raising product prices.
Having already raised prices on truck tyres by 2 per cent on 1 June, Ceat Ltd plans to raise prices on other tyres by between 2 and 5 per cent on 10 June. Natural rubber costs are blamed for the hikes, having risen 31 per cent this year. Other companies to have raised prices in recent months include MRF Ltd and Apollo Tyres. In addition, AS Mehta, Marketing Director for JK Tyre told news agencies that the company is considering a further increase in June, following a cross-segment hike in April.