Tire prices rising: Is it a sign of more to come?
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AKRON Tire prices are on the rise, due in large part to a combination of increased raw materials costs, higher shipping expenses and changing market conditions.
Over the past few months,
Tire Business has tracked as many as 20 tire-price increases from 10 major tire manufacturers, including multiple increases from all but three of them.
Goodyear, which issued tire price increases in December 2020 and April, noted in its fourth-quarter 2020 conference call in February that it expects raw materials costs to increase $125 million to $175 million during 2021, based on spot rates.
The tire maker said about two-thirds of raw materials costs are influenced by oil prices, and raw materials make up about 36% of the cost of goods sold (COGS). Goodyear said natural rubber and butadiene prices are above pre-COVID-19 levels, and carbon black prices have been rising steadily.
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