The oversubscribed rate for the November 1st bidding exercise was 14%(previously 34%) for Category A, 12%(previously 21%) for Category B and 61%(previously 85%) for Category E (Open) COEs. You can see the significant reduction in number of bids. The dealers have mostly adjusted their pricing downwards. One dealer has even lowered the selling price close to its cost.
I predict that the quota premium across all the Categories will inch upwards in the next bidding exercise as bargain hunters respond to the "sale".
Prediction on November 10:
Category A: $17,000-18,000
Category B: $19,000-20,000
Verdict on November 18:
Category A: $17,189
Category B: $18,002
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