Total traded volumes of 2.1M were reported via our Survey Panel in March, down from February on lower spot activity, while derivatives activity was flat. Following the conclusion of the 2025 compliance year on 31 March, a review of market data submissions to our Survey Panel indicates that total traded volumes fell 12% YoY to 36.5 million during the second year of the reformed Safeguard compliance market, as early hedging over 2024 and large but temporary SMC issuances weighed on turnover. Our volume-weighted average price (VWAP) of all spot trading (ACCUs and SMCs) over the 2025 compliance year increased 1.1% YoY to $36.36/t.
This monthly State of the Australian Carbon Market report provides a detailed review of activity in the ACCU spot and derivative markets over the past month, including pricing and traded volumes for spot, forward and options, market depth, net market holdings (inventory), and our OTC ACCU forward curves.
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