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Car plate prices rise as bidders hit record high

Prices for a Shanghai car plate rose modestly today as the number of bidders hit at its highest level in nearly six years.

The supply amount for the auction remained the same level as last month. A total number of 8,000 car plates were put up for sale this month, which include 7,400 made available for individual buyers today, and 800 to be auctioned at the session for organization bidders next Monday.

The average price for a license for private cars went up 515 yuan, or 0.7 percent, to 73,872 yuan (US$12,012) while the lowest winning bid increased 600 yuan, or 0.8 percent, to 73,800 yuan, according to the Shanghai International Commodity Auction Co.

First-round bids were again subject to an upward limit of 72,600 yuan, which has been set as a unified price ceiling throughout the year to stabilize the second-round and final bids that often take the previous ones as reference.

The number of auction participants, which hit a six-year high of 45,758 in February, went even higher to 61,853 this month.


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