SRI Tire Trading announces second price increase this year
SRI Tire Trading Ltd. announced it will raise prices on the Dunlop, Falken and Sumitomo passenger and commercial tires it exports to Asia, the Middle East, North America, Europe and South America.
According to Masatoshi Hayashi, a spokesman for SRI Tire´s parent, Sumitomo Rubber Industries Ltd., the export company will increase prices anywhere from 3% to 4% on passenger, light truck, truck and bus tires by the end of the year. The price increases will vary by product and country.
The price increase is due to the escalating prices of natural rubber and oil-related materials, particularly crude oil, adds Hayashi.
SRI Tire Trading also raised prices from 3% to 5% in January.