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Car plate prices down for 6th month
Online Edition
SHANGHAI’S car plate prices fell for the sixth consecutive month at today’s auction to the lowest level this year.
The average price of a Shanghai car plate dropped to 73,492 yuan (US$12,009), down 1,447 yuan from last month, while the lowest winning bid was down 1,300 yuan to 73,400 yuan, said the Shanghai International Commodity Auction Co.
This month, the first-round ceiling was set at 72,600 yuan, which was 1,500 yuan down from last month’s ceiling.
In March — the month before the ceiling was introduced — prices reached a record high of more than 90,000 yuan.
The supply of plates remained at 9,000 this month. However, the number of bidders at today’s auction rose sharply from last month to 35,154, a new record high this year.
And from next month, a price ceiling introduced for first round bidding in April will only be triggered by steep price hikes.
A rise of between 3 and 6 percent will result in a limit being imposed on the first round of bidding the next month.
An increase of more than 6 percent price will see a ceiling set for two months.
Ceilings will be based on the average winning bids in the three months before the hike.
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