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   IndiaRubberDirectory.com > Rubber News

TYRE MANUFACTURERS START REDUCING PRICES

Responding to the cut in excise duty from 16 to 14 per cent on tyre almost all major producers have started reducing their product prices.

While MRF, JK Tyre and Ceat have already reduced the prices. All the companies have increased tyre prices by approximately 2 per cent in January-February.

Dunlop Industries, which re-entered the market recently, did not increase the prices before Budget. Accordingly, the company is in the mood to retain the benefits.

Coupled with reduction in excise duties on automobiles, the Budget is expected to stimulate growth in demand. However, a clear view on the future economic growth may emerge once the credit policy is announced. Also we would like to see some stimulant for export growth, said Mr. Koshy K. Varghese, executive Vice-President (Sales), MRF. “We expected the finance minister to remove the anomaly in customs duty on raw material (20 per cent) vis-à-vis import of tyres (10 per cent). However, it did not come true,” said Mr. A.S. Mehta, Director Marketing, JK Tyre.

 Though the Budget is overall neutral to raw material cost of tyre companies, Mr. K.J. Rao, CFO, Ceat, said that the reduction in customs duty on tyre chord fabric may help the company to garner some added margin in the export market.

Ceat uses imported raw material for exportable product. The company’s exports account for 18-20 per cent of the total production.

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