Toyo Tire U.S.A. Corp. will increase prices of all consumer and commercial tires in the U.S. by up to 6%, effective Jan. 1, to reflect rising raw material prices, it said in a statement.
A parent company spokesman reached Wednesday in Japan said that price increases for other regions are still being studied.
Rubber is the main raw material used in tire production. Natural rubber futures on the Tokyo Commodity Exchange rose to a 14-month high of Y264.7 a kilogram in Friday’s night session, up 7.2% from the Nov. 30 settlement and more than double levels recorded last December.
California-based Toyo Tire U.S.A. Corp. is unit of Japan’s Toyo Tires Group.
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