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Hankook Tire Co., South Korea's largest tiremaker, said Wednesday it will raise the price of its tires by up to 4 percent starting later this week amid higher rubber prices.
The company said the price hike will be applied to the tires for its outlets and wholesalers, and the tires for 1-ton trucks, taxis, and the eco-friendly and fuel-efficient series will be excluded.
The company said it will also raise the price of its products by 8 percent in the United States starting in April.
The price of natural rubber stood at around $2,000 per ton earlier this year, compared to $1,200 in 2016.
South Korea's No. 2 tiremaker Kumho Tire is also said to be considering raising the price of its tires. (Yonhap)
