From September 8 to 12, 2025, global major carbon markets showed divergent trends. The China Emission Allowances (CEA) market continued its downward trajectory with persistent price declines; VCS futures experienced a slight pullback before gradually stabilizing; while the EU EUA market maintained steady operation with moderate price fluctuations. Overall, carbon markets operated smoothly during this period, but regional performances varied significantly, with CEA's continued weakness contrasting sharply with EUA's stable performance, reflecting differentiated market behaviors across regions.

**China Emission Allowances Market Continues Decline**

From September 8 to 12, 2025, the China Emission Allowances (CEA) market extended its downward trend. The highest price during this period was 66.14 yuan/ton on September 8, while the lowest was 61.95 yuan/ton on September 12. Closing prices declined continuously from 64.74 yuan/ton on September 8 to 62.07 yuan/ton on September 12. Notably, daily closing prices throughout the week (September 8-12) were all below opening prices, further confirming the market's downward momentum. Trading volumes remained stable, maintaining above 1 million yuan from September 9 to 12.

Looking at September's overall performance, the CEA market has weakened consistently since the beginning of the month, with closing prices falling from 69.41 yuan/ton on September 1 to 62.07 yuan/ton on September 12. As of September 12, the cumulative decline reached 10.6%, with the market trend remaining weak and downward pressure significant.

Note: Data sourced from official websites and does not represent actual transaction prices.

**VCS Futures Experience Slight Pullback**

Following the previous week's price rebound, VCS futures markets saw a slight pullback last week, though overall declines were limited. Specifically, DEC24 prices gradually retreated from $0.20/ton on September 8 to close at $0.17/ton on September 12, representing a weekly cumulative decline of $0.03/ton. In terms of trading volume, market activity peaked on September 9 with daily transactions reaching 129 thousand tons, marking the week's most concentrated trading day.

Overall, after experiencing prolonged declines, VCS futures markets are showing signs of stabilization - while the adjustment trend has not completely reversed, market operations are gradually becoming more stable.

Note: Data sourced from official websites and does not represent actual transaction prices.

**EU EUA Market Operates Steadily**

During the analysis period, the EU EUA carbon market operated steadily overall. In terms of closing prices, the highest was 76.65 euros/ton on September 8, while the lowest was 75.06 euros/ton on September 11, with total price fluctuations controlled within 2 euros per ton. Market trading activity peaked on September 10, with daily transaction volume reaching 175,000 thousand tons, representing the period's most concentrated trading session. Meanwhile, the MA10 (10-day moving average) continued its upward trajectory. Overall, the EUA market demonstrated steady performance during this period, characterized by coordinated price-volume dynamics and narrowing volatility.

Note: Data sourced from official websites and does not represent actual transaction prices.