Shanghai car plate prices fell more than 3 percent at the first auction of the year Saturday, after the authorities reintroduced a price ceiling for first-round bids, Shanghai Daily reported Sunday. The average price for plates for privately owned cars fell to 73,501 yuan (US$12,049), down 2,592 yuan, or 3.4 percent, from December, the report said. The lowest winning bid dropped 2,500 yuan to 73,500 yuan, the Shanghai International Commodity Auction Co. was quoted as saying, with 41,946 bidders, up from 39,625 last month. Separate auctions have been introduced for private motorists and organizations, as the latter are often less price sensitive, the report said.
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