Mining truck tires now pricier than a Merc

China’s insatiable demand for commodities has prompted a tripling in the price of mining truck tyres, making them more expensive than a Mercedes sportscar.

Prices for tyres about 3.5 meters wide used on the Caterpillar trucks that haul iron ore and coal have touched $93,500 on the spot market, according to Leighton Holdings, a contractor for mining companies including BHP Billiton. Prices rose as high as $140,000 in 2008.