Since August, a number of tire companies issued price rising notice.
Due to the tight supply caused by the reduced production, some tire makers released the announcement for raising the price. Some tire makers still plan to continue this price rising in September.
Till now, 245 chemical production enterprises have been closed and 993 have been suspended in Shandong province. As China’s well-known tire capital, Shandong Province has endured huge impact in the recent national environmental inspection.
The cobalt price has risen from 230,000 RMB/Ton to 450,000 RMB/Ton in last six months. The main reason driven the price rising is fast development of electric cars.