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September 20, 2010

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License plate prices increase

SHANGHAI license plate prices continued to rise this month.

The average price for a license plate increased 2,011 yuan (US$295) from a month earlier to 42,180 yuan in September, the highest in five months, Shanghai International Commodity Auction Co said after Saturday's auction.

The lowest bid jumped to 41,800 yuan, an increase of 2,000 yuan from last month.

A rebound in the auto market helped push plate prices back above 40,000 yuan and the momentum could continue into October, according to industry insiders.

The government offered 9,000 license plates this month, the same as in August.

This month's auction attracted 15,198 bidders, which was 1,657 fewer than in August.

Car plate prices have also risen in the second-hand market with prices reaching 43,000 yuan.


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