Sumitomo Rubber Industries announces another price increase
Sumitomo Rubber Industries Ltd. (SRI) is raising prices on passenger, light truck, truck and bus tires in Asia and Latin America for the second time this year.
In January, SRI raised prices 3% to 5% on its Dunlop and Sumitomo brands. An additional price increase of 3% to 5% will be instituted in the second half of this year, and will go into effect in Asia, the Middle East, Latin America and Africa.
SRI cites "the escalating prices of raw materials, including natural rubber, synthetic rubber, carbon black and chemicals" as the reason for the price increase.
For the same reason, Bridgestone Corp. 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.