Triangle Tyre Co., Ltd. announced on Jan. 12 that starting from Feb. 1, it will adjust up the tire prices of the commercial vehicle, passenger car and engineering vehicle by 3% to 4%.
Before that, the company had raised the prices of relevant tire products twice on Dec. 1, 2016 and Jan. 1, 2017, respectively.
It means that after the adjustments, tire prices of Triangle Tyre have increased 8% to 10% in average.
The example of Triangle Tyre is only a drop in the bucket in the domestic tire market.
Prices of all-steel tires of Double Coin for light trucks and heavy duty trucks, and that of tubeless tires were increased by 2% on Jan. 10 and by 3% again on Jan. 26.
Tire prices of Fullrun Tyres were increased by 5% starting from Jan. 15. Combining with a few price adjustments before that, tire prices of the company have risen 15% within about two months.
Starting from Jan. 18, all-steel radial tires of Jiangsu General Science Technology Co., Ltd. were adjusted up by 5% in general starting from Jan. 18.
PCR/LTR Tire prices of Kumho Tire will increase by 3% to 5% starting from Feb. 1, and all-steel radial tire prices of Aeolus are to rise 2%.
Besides price hike of raw materials, the growth of tire prices across the board is a good news for domestic tire manufacturers.
Over the past year, domestic tire market was sluggish due to economic downturn. After the latest price adjustment, sales revenues of tire manufacturers will increase and their business performance will turn better.
It is expected to take two to three months for the price hike being felt by end-consumers.
The latest wave of price hike is generated by growing costs in the upstream and larger demand in the downstream.
