CLERMONT-FERRAND, France—Michelin has announced price increases in the European replacement tire market due to an "increase in raw material costs – and especially natural rubber, butadiene and oil."
In a Feb. 3 statement, Michelin said the increase "may be up to 8 percent, depending on the tires, for the passenger car & light truck, truck, earthmover, agricultural and two-wheel segments."
The price rises will be effective by the by the end of April.
"Depending on the changes in raw material costs, the group may adjust the price positioning of its products," Michelin added.
Major tire makers including Michelin, Toyo, Bridgestone, Yokohama and Goodyear have already announced price hikes in the US market.
Reports from Asia indicate price rises of between 2 percent and 5 percent from local and international manufacturers based in the region.