Domestic rating agency Icra expects this will lead to a strong demand pickup for large truck tyre manufacturers. The government on September 18 slapped anti-dumping duty ranging between USD245.35 and USD452.33 per tonne on Chinese tyres for five years.
Speaking to CNBC-TV18, Milak said though the decline in Chinese dumping along with fall in rubber will give a significant advantage for Indian companies, he cautioned that unless and until these factors sustain for a longer period of time rubber companies will fail to benefit significantly as the inventory carried by them is of around 40-45 days.
"Chinese products were earlier marginally impactive on truck-bus radials. But, last year, Chinese imports grew by 70 percent and so far, it has grown 40 per cent this year," Apollo Tyres, president, Asia Pacific, Middle East and Africa, Satish Sharma told reporters here.
JK Tyre had to cut its prices by 9% in FY16 to combat growing Chinese and domestic competition, says Raghupati Singhania, the chairman and managing director of the company.
Apollo Tyres yesterday reported a 20.26 percent decline in consolidated net profit at Rs 245.16 crore for the fourth quarter, hit by import of Chinese tyres into the country.
Influx of cheap imports from China have led the Government to consider imposing anti-dumping duty on Chinese tyres.
Export market is seeing a clear slowdown due to currency depreciation, said Anant Goenka, MD of Ceat, in an interview to CNBC-TV18.
Koshy Varghese, Executive VP-Marketing at MRF is not bullish in terms of growth and demand for the tyre industry and expects it to grow at single digit.
Anant Goenka, Deputy Managing Director of Ceat in an interview with CNBC-TV18’s Sonia Shenoy and Udayan Mukherjee, gave his perspective of the fourth quarter performance and their divulged future plans.