TEHRAN, Iran, Aug. 25
Trend:
Iran's Tire Manufacturers Association has annulled the decision to increase the tire price by 15 percent, to prevent decline of demand, said the spokesman of the association, Davood Saadatinejad, Trend reports citing Fars News Agency.
"The market does not have the capacity to increase prices and tire manufacturers are currently facing lot of losses, so it was decided not to change prices," he said.
"The market is saturated, and there's not enough buyers.In this situation, the increase of prices is not beneficial," he indicated.
"Everyone are hoping for positive outcome, so that the producers won't face any more losses due to prices of finished products," he said.
Iran's annual need for tires is 400,000 to 450,000 tons. The country has become 90 percent self-sufficient in producing tires for vehicles, while it is 70-percent dependent on import of big tires for heavy vehicles.