Carbon Markets

UPDATE: Prices recover as 2025 compliance year concludes; annual volumes decline 12% as early hedging and SMCs weigh on turnover

Australian carbon prices recovered to key support levels last week, maintaining the steady patterns that has underpinned year-to-date trading. With the conclusion of the 2025 compliance year last Tuesday, in this update, we look back at the year that was, including total spot and derivatives volumes, and price trends.

RepuTex’s Carbon Weekly report breaks down activity in the Australian exchange-traded and OTC carbon markets (spot and derivatives), including recent trends, drivers, and our latest spot and forward pricing benchmarks.

Prices recover to key support levels over holiday-shortened week

Total traded volumes across the Australian exchange-traded and over the counter (OTC) carbon markets fell to 315k (-85k WoW) last week, below the April 2025 weekly average (1M) with activity constrained over the Easter holiday.

Weekly spot market volumes fell to 290k (-60k WoW) – led by Generic No-Avoided Deforestation ACCUs (57%), followed by HIR ACCUs (21%), Generic ACCUs (14%) and Safeguard Mechanism Credits (9%).

Prices extended their recent decline early in the week, with our Generic ACCU (Market Close) assessment breaking to a new year-to-date low of $36.10/t on Monday. The move lower was accompanied by firm liquidity, with 155k traded (49% of weekly volumes) on the day.

Selling pressure eased

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