Several major tire manufacturers in Taiwan are planning to increase their product prices by 8% to 12% in 2017 to cope with the sharp rise in prices of raw materials such as rubber (including natural rubber and synthetic rubber).
It is understood that in December 2016, Taiwan Nangang Rubber Tire Co., Ltd. took the lead in raising the price of tires by 9%-12%, which set off the prelude to the price increase of tire products in the region.
Subsequently, Taifeng Tire announced an increase in product prices of 9%-12%, and Huafeng Rubber Industry also raised the price of tires by 8%-10%.
In addition, Zhengxin Rubber said that it plans to raise the price of tire products in the first quarter of 2017.
At the same time, Jianda Tire also plans to increase its product price by 3%-5% in 2017 to maintain global competitiveness.
Nangang Tire said that global rubber prices have risen from $1,100/ton a year ago to now at $2,200/ton, an increase of 100%, which is the main reason for tire manufacturers to raise product prices.
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