EU
The European Union Allowance (EUA) prices for April averaged at EUR 64.26 per tonne, down 6.29% from the previous month. The carbon market continued its downward trajectory, pressured by both market fundamentals and external policy developments.
Weaker industrial activity across the region, coupled with increased renewable energy supply and milder weather conditions, dampened demand for carbon allowances. On the policy front, France renewed calls for a carbon price corridor, while early-month announcements of reciprocal tariffs by the United States sparked volatility across global markets—further elevating risk sentiment.
Looking ahead, EUA prices are likely to remain volatile as market participants reassess the supply-demand outlook against a backdrop of continued policy uncertainty.
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China
The China Emission Allowance (CEA) prices for April averaged at RMB 82.46 per tonne, down 6.21% from the previous month. By month-end, prices had touched a 12-month low of RMB 76 per tonne.
The recent price correction reflects a combination of weaker energy demand, slower economic activity, and declining emissions from some power generators, which collectively reduced demand for allowances. In addition, the ongoing allocation of allowances to new sectors has remained relatively loose, while compliance pressure has yet to materialize, leading to muted trading activity and adding to downward price pressure.
Looking into May, in the absence of strong compliance demand or supportive policy signals, CEA prices are expected to remain under pressure.