REFILE-Bridgestone to raise China tyre prices in March
(Refiles to make clear in first paragraph increase is to begin in March)
SHANGHAI, Jan 28 (Reuters) - Japan's top tyre maker, Bridgestone Corp (5108.T), said on Monday it will raise prices in China by up to 5 percent beginning in March due to higher raw material prices.
Bridgestone will mark up prices for its tires by 3 to 5 percent because a cost-cutting initiative failed to offset rising raw material costs, it said in a statement. It did not provide the current prices.
Front-month crude oil futures contracts in New York touched an all-time high of $100.09 a barrel on Jan. 3, while natural rubber prices have risen in the past year, fueled by China's growing demand from the tyre industry.
Bridgestone, which competes with Michelin (MICP.PA) and others in China, operates four manufacturing facilities in the country. (Reporting by Shen Rujun and Fang Yan, editing by Ken Wills)
