Spot market activity grew to a 5-week high last week – the first full week of trading following the NGERs reporting deadline – led by Safeguard Mechanism Credits (SMCs). While overall activity remains below the same period last year, market data indicates strong support from both buyers and sellers, with bid depth building. While derivatives market activity paused temporarily, sizeable maturities over November may revive near-term liquidity.
RepuTex’s Carbon Weekly report breaks down activity in the Australian exchange-traded and OTC carbon markets (spot and derivatives) over the past week, including key trends and drivers, our latest pricing and benchmarks, and our daily forward curves.
Mild uptick in spot market liquidity, yet subdued relative to November 2024 peaks, despite strong support
Total traded volumes across the Australian exchange-traded and over the counter (OTC) carbon markets increased marginally to 400k last week (+36k WoW), remaining well below both the compliance year-to-date average (749k) and the equivalent average over November 2024 (1.2M).
The spot market made up all traded volumes, recovering from the prior week’s year-to-date (YTD) low, lifting to a 5-week high of 400k (+210k) – led for the first time by Safeguard Mechanism Credits (40%). Remaining volumes were split across
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