Sumitomo raises Sumitomo tire prices in North America
SRI Tire Trading Ltd., a tire
exporting subsididary of Sumitomo Rubber Industries Ltd., has raised prices on exported tires, including those shipped to North America.
The price increases range between 3% and 5% depending on the product and market.
In addition to North America, the Tokyo, Japan-based company says the price increases apply to Sumitomo and, in some cases, Dunlop passenger, light truck, truck and bus tires in Asia, the Middle East, Europe, Central and South America and Africa. (Goodyear Tire & Rubber Co. owns the rights to the Dunlop brand in North America and Europe.)
Sumitomo cites rising raw material costs, especially natural rubber, as the reason for the increase.
Earlier this week, Bridgestone Corp. hiked its prices in Asia, Oceania, the Middle East, Russia and Africa by close to 5%.
The price increase applied to Bridgestone and Firestone brand radial and bias tires for passenger cars, light trucks, trucks and buses.
Bridgestone's Bridgestone/Firestone North American Tire LLC subsidiary raised prices on its consumer, truck, bus, farm and OTR tires by up to 5% earlier this month.