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Natural Rubber (NR) is the major component in numerous rubber products and it also plays a significant role in product performance, such as in automotive tyres. In fact, Tyre is the main product with highest consumption of natural rubber, around 70 - 75%.
The world produces tyres in excess of 1 billion units yearly valued at more than US$ 130 billion. With automobile industry booming in China and India, tyre production in the world’s most populous countries is growing very fast with china already topping the list as the world’s largest producer
At the same time, some tyre companies are considering to hike product prices further in April/May 2011 to offset rising raw material costs.
They say that the raw material prices are incredibly high and there is no way that they can keep absorbing it. The overall raw material cost increased nearly 50 per cent in 2010-11 as compared with 2009-10, while the tyre prices increased by only about 18-20 per cent. Already, the margins of tyre companies are under so much of strain. In fact they have ‘evaporated’. They say that unless the prices are hiked, it is going to be extremely difficult for the companies.
http://print.dailymirror.lk/business/127-local/43056.html
The world produces tyres in excess of 1 billion units yearly valued at more than US$ 130 billion. With automobile industry booming in China and India, tyre production in the world’s most populous countries is growing very fast with china already topping the list as the world’s largest producer
At the same time, some tyre companies are considering to hike product prices further in April/May 2011 to offset rising raw material costs.
They say that the raw material prices are incredibly high and there is no way that they can keep absorbing it. The overall raw material cost increased nearly 50 per cent in 2010-11 as compared with 2009-10, while the tyre prices increased by only about 18-20 per cent. Already, the margins of tyre companies are under so much of strain. In fact they have ‘evaporated’. They say that unless the prices are hiked, it is going to be extremely difficult for the companies.
http://print.dailymirror.lk/business/127-local/43056.html
