{"id":15655,"date":"2024-08-08T16:28:19","date_gmt":"2024-08-08T10:58:19","guid":{"rendered":"https:\/\/www.tyremarket.com\/tyremantra\/?p=15655"},"modified":"2024-08-08T16:28:19","modified_gmt":"2024-08-08T10:58:19","slug":"tyres-to-cost-more-in-q2-as-raw-material-prices-soar","status":"publish","type":"post","link":"https:\/\/www.tyremarket.com\/tyremantra\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\/","title":{"rendered":"Tyres To Cost More In Q2 As Raw Material Prices Soar"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With raw material costs surging to a 13-year high in June 2024, the tyre manufacturers face an uphill task. This unprecedented event has forced India\u2019s <a href=\"https:\/\/www.tyremarket.com\/tyremantra\/top-10-tyre-companies-in-india-mrf-ceat-apollo-jk\/\"><strong>leading tyre makers<\/strong><\/a>, such as CEAT and JK Tyres to hike the prices of their products.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Leading industry experts believe that the prices of raw materials will further surge by about 5% by the end of the current quarter. However, the situation may improve by the third quarter of this financial year in India. Moreover, the experts are indicating that the current uptrend will continue and it will further result in price adjustments for the tyre makers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Commenting on how to tackle the current scenario, Kumar Subbiah, CFO of <a href=\"https:\/\/www.tyremarket.com\/CEAT-Car-Tyres\"><strong>CEAT<\/strong><\/a> told the press that his company is looking to expand its presence in the international market. CEAT will also hike the prices of some tyres in the international and replacement segments. The tyre maker is also looking to launch truck and bus radial tyres in the international replacement market soon. Its focus is on increasing exports. According to Subbiah, progress in obtaining approvals within the OPM segment means that operations need to be scaled up in this quarter and the next to mitigate increasing prices.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">One of CEAT\u2019s rivals, JK Tyre, is adopting a two-pronged strategy. <a href=\"https:\/\/www.tyremarket.com\/JK-Tyre-Car-Tyres\"><strong>JK Tyre<\/strong><\/a> is aware that raw material costs are going up. To make sure that they can tackle this issue effectively, they are focusing on improving their product selection and running their operations more efficiently to lessen the impact on their profits. Sanjeev Aggarwal, CFO of JK Tyre said that his company was successful in passing on about 2% of the increased raw material cost to its customers as it has not lowered the prices despite the slowdown in rubber prices after June\u2019s high. JK\u2019s price hike for tyres is for the Indian market only.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">According to ICRA, the <strong>domestic tyre volume growth<\/strong> is expected to be in the range of <strong>4-6% in FY25<\/strong>. However, the replacement market which contributes about 66% of the industry volumes, is going to remain stable because of healthy demand across the segment.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Sharing his thoughts on this issue, Nithya Debbadi, assistant vice-president and sector head &#8211; of corporate ratings, ICRA, said that demand from original equipment manufacturers (OEMs) in some particular segments such as two-wheelers and passenger vehicles is expected to remain stable. On the other hand, the demand for the commercial vehicle segment may witness slack in the coming quarters.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">It is worth noticing that the key components required in the manufacturing of tyres such as synthetic rubber, caprolactam, carbon black and not to forget natural rubber have witnessed sharp jumps in their prices since the start of 2024. Natural rubber prices have surged about 30% globally in about seven months. Currently, they are in the range of INR 215-220 per kg. The main reason is the supply shortage, created due to the bad weather conditions in Southeast Asia. The region contributes about <strong>90% of the world\u2019s natural rubber production<\/strong>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">India is a major natural rubber importer, the situation this year got worse because of disruptions in domestic production too.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The rise in natural rubber prices has raised tyre costs despite steady demand. Anurag Singh, managing director (MD) at Primus Partners, expects <a href=\"https:\/\/www.tyremarket.com\/Car-Tyres\"><strong>tyre prices<\/strong><\/a> to drop as rubber prices stabilise, with competitive dynamics limiting high-profit margins.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With raw material costs surging to a 13-year high in June 2024, the tyre manufacturers face an uphill task. This unprecedented event has forced India\u2019s&#8230;<\/p>\n","protected":false},"author":12,"featured_media":15656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[4],"tags":[334,6082,77,6080,6081,6083,390,425],"class_list":["post-15655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ceat-tyres","tag-domestic-tyre-volume-growth","tag-jk-tyres","tag-raw-material-prices","tag-tyre-cost-hike","tag-tyre-costs","tag-tyre-industry-news","tag-tyre-makers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Tyre Manufacturers Face Price Hikes Amid Surging Raw Material Costs<\/title>\r\n<meta name=\"description\" content=\"With raw material costs at a 13-year high, India&#039;s leading tyre manufacturers like CEAT and JK Tyre are forced to increase prices. 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Experts predict further cost surges, impacting the tyre industry until later this financial year.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.tyremarket.com\/tyremantra\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Tyremarket : Tyre News, Review &amp; Guide\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/tyremarketindia\" \/>\r\n<meta property=\"article:published_time\" content=\"2024-08-08T10:58:19+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.tyremarket.com\/tyremantra\/wp-content\/uploads\/2024\/08\/Tyres-To-Cost-More-In-Q2-As-Raw-Material-Prices-Soar.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\r\n\t<meta property=\"og:image:height\" content=\"820\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Neil Pandya\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@tyremarketindia\" \/>\r\n<meta name=\"twitter:site\" content=\"@tyremarketindia\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neil Pandya\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/\"},\"author\":{\"name\":\"Neil Pandya\",\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/#\\\/schema\\\/person\\\/efab24510766798312e3b8005c860ce6\"},\"headline\":\"Tyres To Cost More In Q2 As Raw Material Prices Soar\",\"datePublished\":\"2024-08-08T10:58:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/\"},\"wordCount\":571,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Tyres-To-Cost-More-In-Q2-As-Raw-Material-Prices-Soar.jpg\",\"keywords\":[\"Ceat Tyres\",\"domestic tyre volume growth\",\"Jk tyres\",\"Raw Material Prices\",\"Tyre Cost Hike\",\"tyre costs\",\"Tyre Industry News\",\"tyre makers\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/\",\"url\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/\",\"name\":\"Tyre Manufacturers Face Price Hikes Amid Surging Raw Material Costs\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/tyres-to-cost-more-in-q2-as-raw-material-prices-soar\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tyremarket.com\\\/tyremantra\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Tyres-To-Cost-More-In-Q2-As-Raw-Material-Prices-Soar.jpg\",\"datePublished\":\"2024-08-08T10:58:19+00:00\",\"description\":\"With raw material costs at a 13-year high, India's leading tyre manufacturers like CEAT and JK Tyre are forced to increase prices. 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