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Cheaper rubber pushes tyre companies like MRF, CEAT and Apollo to slash prices upto 4%

 LesterDierser
  56
 May 29, 2024

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MUMBAI: Indian tire makers who have been sticking to the “price rule” in recent years seem to have finally softened up. Last month, for the first time in a year and a half, tire companies cut prices by 4% across all categories. The price cuts were even greater in the bias (nylon) tire segment.

They have resisted price cuts even though the price of their main raw material, natural rubber, fell by half last year.

Banerjee, Managing Director, Arnab “Falling prices of key raw materials such as rubber and crude oil have put increasing pressure on team operators to reduce the prices of their products, which has played a key role in the recent price adjustments.” Operations, CEAT.

According to industry sources, MRF, CEAT, Apollo Tire and other tire companies have announced price cuts.

MRF reduced its commercial tire prices by 1-2%, while Apollo Tires reduced prices of various tires by 2-3%. JK Tires reduced its prices by 1-2% in its truck and tractor segments, while leading tire maker CEAT doubled its prices by 1-1.5%, mainly in its truck segment.

“Depending on the change in raw material prices and the competitive nature of the markets in which we operate, our prices have come down slightly on a number of occasions,” said Satish Sharma, president, Apollo Tyres.

“It is worth noting that when raw material prices go up, not all the increase is passed on to customers. When raw material prices fall, the same principle applies because we are not selling a product, but a brand.”

Last year, the price of natural rubber fell by half until it was Rs 120 per kilogram.

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