Rubber is bouncing….
Goodyear Tire & Rubber and Cooper Tire & Rubber, the two largest U.S. tiremakers, have begun notifying customers they will raise tire prices by as much as 6.5% by early November. Bridgestone, the largest tiremaker by sales, said in late August that it’s increasing prices by up to 6% in Europe, the Japanese company’s second price increase this year…Tiremakers are passing on the higher costs, and future hikes can’t be ruled out. “We don’t do a lot of raw-material hedging” says Keith Price, a spokesman for Akron-based Goodyear. – Bloomberg