Jinyu Tyres ups prices 5-7%
China’s Jinyu Tyres became the latest manufacturer to announce a price increase when it wrote to customers on 8 February announcing that costs are on the up. The company’s first round of price increases will see the firm’s truck and bus radial prices increase by between 5 and 7 per cent, followed by a 6 – 7 per cent increase across the Jinyu’s passenger car radial range. According to company representatives, “TBR prices will see another change soon.”
Jinyu’s explanation for this latest price hike, like most other manufacturers and market observers, puts the blame on “heavily increased raw material costs, which have increased by around 25 per cent in the past three months.” However, the Shandong province-based firm also cited increased labour costs as being behind the decision to raise product prices. According to the company, labour costs have grown 19.8 per cent in recent times.