Toyo Tire & Rubber Co. Ltd. in Japan has raised prices on Toyo and Nitto brand tires exported mainly to the Middle East, Southeast Asia, Latin America and Oceania.
Toyo raised prices an average of 5% for all tire categories except OTR tires. The increase "is due to the escalating cost of raw materials and ocean freight," according to the company.
The price increase comes on the heels of similar increases announced by Sumitomo Rubber Industries Ltd. (SRI) and Bridgestone Corp.
In January, SRI raised Dunlp and Sumitomo brand passenger, light truck, truck and bus tire prices up to 5% in Asia and Latin America. An additional 3% to 5% price increase will be instituted in the second half of this year in Asia, the Middle East, Latin America and Africa.
Bridgestone raised tire prices in Asia (but not Japan), Oceania, the Middle East and Africa in the first quarter. The price increases ranged between 3% and 5%, and pertained to Bridgestone and Firestone radial and bias passenger, light truck, truck and bus tires.
Both companies also cited escalating raw material prices as the reason for their price increases.
