Rubber Prices Surge as Over 60 Tire Manufacturers Raise Prices

Since the beginning of this year, rubber prices have continued to rise. As of the close on October 8, the main rubber contract on the Shanghai Futures Exchange reached 20,145 yuan per ton, marking a year-to-date increase of over 28% and reaching levels not seen in nine years. Tires are the largest downstream product for natural rubber, so rising raw material prices directly impact the tire industry's costs and profits. Statistics show that since September, more than 60 tire companies have issued over 70 price increase notices covering all categories, including radial tires, bias-ply tires, and engineering tires, with adjustments generally ranging from 2% to 5%. Benefiting from the continued expansion of domestic new energy vehicles in overseas markets, the tire industry is focusing on high-end aftermarket segments, aiming to offset uncertainties in raw material costs by enhancing product value and building technical barriers. (CCTV Finance)