Fort Mill, South Carolina – Tire prices continue to rise in the US, and indeed across North America, as further announcements are made by major tire-makers.
The latest came from Continental Tire the Americas LLC on 10 Feb in which it announced plans to raise truck tire prices by as much as 8% in the US and Canada. The increase affects its Continental, General and AmeriSteel brand truck tires and will take effect 1 March.
Conti said the price hike is in response to the continued escalation of raw materials, energy and logistics costs associated with the production and distribution of radial truck tires.
The tire maker is the 12th US-based manufacturer, importer or distributor to announce a price increase since the start of 2017.
Hankook Tire America Corp. and Pirelli Tyre SpA have also announced that they are raising tire prices in North America on 1 April for their respective product lines.
Hankook's increases will be up to 8% on its passenger, light truck, and commercial products, with changes varying by specific product lines, the company told its dealers recently.
Pirelli will increase prices by up to 9% on car, light truck and motorcycle tires in both North America and Europe, the firm said.
Again, both companies cite rising raw materials costs as the main reason for the increases, though Hankook noted that other business factors impacted its decision. Pirelli also cited its "growing investment in the development of new products with an elevated level of technological content."
Conti, Hankook and Pirelli join at least 9 other tire makers or importers/distributors to announce prices increases.
The others, listed alphabetically by company, are:
• Bridgestone Americas Tire Operations' increase of up to 5%, effective 1 March, applies to the company's range of passenger, light truck, truck/bus, OTR and agricultural tires and retread products and tubes as well.
The new pricing will vary by business unit and product line; Bridgestone's sales and account teams will provide customers with further details.
• Carlstar Group LLC is planning to raise prices globally on its full range of specialty tire products by 8% to 12%, effective on or before 1 March. The increases cover the Carlisle, Marastar, Marathon and Ultra CRT brands.
Separately, Carlstar said the increase for the ITP brand will be 5% to 8% across the entire tire portfolio, effective 6 Feb.
Carlstar Group noted "significant volatility" in the market may require further increases.
• Dynamic Tire Corp. disclosed earlier in January that prices for Sailun-brand passenger, light truck, medium truck and ST-type trailer tires in North America increased 5% to 8% in January. The increases apply to both Canada, where Dynamic distributes the brand, and the US, where TBC Corp. handles the brand.
Dynamic said the brand's manufacturer, Sailun Tire Co. Ltd., is "making every effort to minimise these costs, while continuing to produce a premium quality product."
• Goodyear is hiking prices by up to 8% on its full product range and for all of its brands in the US and Canada, the firm said. Goodyear is also raising prices in Europe and other markets.
• Kumho Tire USA Inc. plans to raise prices April 1 in the US on passenger, light truck and medium truck tires by up to 8%. The increase will vary by SKU.
• Michelin North America Inc. is increasing prices by up to 8% for its passenger, heavy truck, earthmover, industrial-handling, ag and two-wheel segments across all its brands in the US, Canada and Mexico.
• Sumitomo Rubber North America Inc. (SRNA) is raising prices in North America on its Falken- and Ohtsu-brand passenger, light and medium truck tires by 5% on a weighted average.
• Toyo Tire USA Corp. will increase the US dealer base price list of Toyo-brand passenger, light truck and commercial truck tires by up to 7%, effective 1 April.
• Yokohama Tire Corp. and Yokohama Tire Canada plan to raise prices in the US and Canada on consumer, commercial and OTR tires by up to 7%, beginning 1 April. Some in-line adjustments will be determined within the month, YTC added.