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Tyre Prices To Be Increased Once Again
The on-going increase in demand in the Indian auto market has also resulted in a price rise from auto-component makers.
Chennai-based MRF Ltd has already raised prices by 2.5-4 percent from August 31 onwards, while Apollo Tyres has announced an increase which is yet to be implemented.
Ceat and J K Tyre are also expected to increase their tyre prices. A S Mehta, Marketing Director, JK Tyre, told The Hindu Business Line that the company is watching the market and the increase should be around 2 - 4percent. However, Apollo Tyres seems to be watching the trend before deciding on a price hike.
Since January 2010, tyre makers have already raised prices by 10-14 percent in four stages. A hike in March was due to the increase in excise duties, while the others were due to the rise in natural rubber costs.
According to Rubber Board, the monthly average natural rubber (RSS-4) prices have gone up 75 percent year-on-year in August to Rs 179.52 a kg. Around the same time in 2009, the costs were at Rs 102.50 a kg. From Rs 137.72 a kg in January 2010, rubber prices reached a high of Rs 182.15 in July 2010.
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