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Car plate prices continue to drop despite number cut

Shanghai car plate prices saw a slightly decline at this morning’s auction though the supply dropped to a 22-month low.

Among the 8,000 car plates made available for the auction this month, 7,400 plates were for individual bidders - 700 less than for last month- while the number for corporate bidders was cut by 300 to 600.

That sent the average price of a Shanghai license plate for private car owners fell 144 yuan, or 0.2 percent, to 73,357 yuan (US$12,096). The lowest winning bid declined 300 yuan to 73,200 yuan, the Shanghai International Commodity Auction Co said.

The first-round bids were again subject to a 72,600 yuan price ceiling, which proved effective in stabilizing the price last month when auction participation level shot through the roof amid the Chinese New Year festival shopping spree. 

The number of bidders rose to 45,758 this month from 41,946 last month.


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