Yicai Carbon Market Monthly Report: The total transaction volume and transaction value of the domestic carbon market fell sharply in September, and the market mostly took a wait-and-see attitude | Carbon View

In September, the total transaction volume and total transaction volume of carbon emission allowances (CEA) in the national carbon market dropped significantly compared with August, down 98.03% and 97.94% respectively. Excluding the holiday factor, the overall activity of the national carbon market is still lower. The average daily trading volume of CEA in September was only 514.76 tons, a decrease of 97.84% from the previous month. On the whole, the carbon price in the national carbon market has also declined. The average transaction price of CEA in September was 54.76 yuan/ton, a decrease of 1.34 yuan/ton compared with the average transaction price of 56.10 yuan/ton in August. The carbon emission-related policies announced in September include the "Guidelines for Compiling Provincial Action Plans for Adaptation to Climate Change" issued by the Ministry of Ecology and Environment and the "Implementation Plan for the "Three Products" of the Raw Materials Industry jointly issued by four departments including the Ministry of Industry and Information Technology. Periodic Carbon Emissions Database .

The overall total transaction volume and total transaction value of the local carbon markets in September also declined significantly, down 74.53% and 71.50% month-on-month respectively. The carbon price of Beijing carbon market and Chongqing carbon market fluctuates greatly. The average transaction price of the pilot project in Beijing reached a maximum of 119.56 yuan/ton, setting a new high for domestic carbon prices. On September 30, the Beijing Municipal Bureau of Ecology and Environment announced the list of emission units included in the national carbon market management in Beijing in 2022, which is unchanged from the list in 2021. The trading volume of the Chongqing carbon market has fallen significantly, and the carbon price has also dropped as a whole. The largest monthly trading volume of 20,000 tons appeared in the middle of the month, and the remaining trading days did not exceed 100 tons. The fluctuations of carbon prices in Guangdong, Shanghai, Shenzhen and Hubei were relatively less obvious, ranging from RMB 73.62-79.23/ton, RMB 51.86-60.05/ton, RMB 43.98-54.19/ton and RMB 46.25-48.32/ton respectively. The carbon price and trading volume of the Guangdong carbon market have both declined. Compared with the average transaction price in August, it has dropped by 2.65 yuan/ton, and the trading volume has decreased by 57.67%. On September 9, the Shanghai Environment and Energy Exchange conducted the first paid auction of Shanghai carbon emission allowances. A total of 23 companies participated in the bidding, and 21 bids were successful. The unified transaction price was 52.56 yuan/ton, and the total transaction amount was 52.56 million yuan. The Shanghai carbon price rose slightly after that and then fell immediately. On September 23 (the second day after the lowest closing price in September), the monthly maximum trading volume of about 10,000 tons occurred, and the remaining trading days did not exceed 130 tons. The Tianjin carbon market has fewer trading days in September (only four days of trading), but the average trading volume is large (the daily trading volume exceeds 12,000 tons). At the end of September, the Tianjin Municipal Bureau of Ecology and Environment announced that Tianjin will be included in the list of key emission units in the national carbon market quota management in 2022, a total of 23, one less than in 2021. In September, the carbon price in the Fujian carbon market increased by 3.49 yuan/ton, and the transaction volume decreased by 72.94% month-on-month. No transaction occurred after September 23.

The EU carbon price fell in September, the spot trading volume fell by 15.08%, and the futures trading volume increased by 18.58%. In May, the European Commission proposed to withdraw the equivalent of 20 billion euros from the EU's carbon market stabilization reserve (MSR) to ease pressure on electricity prices, make the EU independent of Russian fossil fuels and reduce energy consumption. On September 27, political groups in the European Parliament amended the proposal. This news is likely to lead to bearish carbon prices in the EU carbon market going forward.

Figure 1 Average transaction price of domestic regional carbon market in September

Domestic regional carbon market exchanges, Wind

National power industry carbon market

In September, the total transaction volume of carbon emission allowances (CEA) in the national carbon market was 10,800 tons, with a total transaction value of 634,600 yuan. The monthly transaction volume of the listing agreement was 10,810 tons, the monthly transaction value was 634,600 yuan, the highest transaction price was 59.00 yuan/ton, and the lowest transaction price was 57.00 yuan/ton. The closing price on the last trading day of September was 57.50 yuan/ton, down 0.86% from the last trading day in August. There were no major agreed transactions this month. As of September 30, the cumulative transaction volume of CEA was 195 million tons, and the cumulative transaction volume was 8.559 billion yuan.

Figure 2 National carbon market transaction data in September

Shanghai Environment and Energy Exchange, Wind

Beijing carbon market

In September, the total transaction volume of carbon emission allowances (BEA) in the Beijing carbon market was 38,000 tons, and the total transaction volume was 3.6293 million yuan. During the period, the average transaction price was 96.28 yuan/ton. The average transaction price on the last trading day of September was 90.34 yuan/ton, down 2.86% from the last trading day in August and down 3.89% from the first trading day in September. As of September 30, BEA's cumulative transaction volume was 16.9693 million tons, with a cumulative transaction value of 1.083 billion yuan.

Figure 3 Beijing carbon market transaction data in September

Beijing Environment Exchange, Wind

Shanghai carbon market

In September, the total transaction volume of carbon emission allowances (SHEA) in the Shanghai carbon market was 10,663 tons, with a total transaction value of 601,200 yuan and an average transaction price of 56.38 yuan/ton. The closing price on the last trading day of September was 54.00 yuan/ton, down 9.55% from the closing price of 59.70 yuan/ton on the last trading day in August. As of September 30, SHEA's cumulative trading volume was 18.0991 million tons, with a cumulative turnover of 562 million yuan.

Figure 4 Shanghai carbon market transaction data in September

Shanghai Environment and Energy Exchange, Wind

Guangdong carbon market

In September, the total transaction volume of carbon emission allowances (GDEA) in the Guangdong carbon market was 915,600 tons, and the total transaction volume was 70.244 million yuan. During the period, the highest transaction price was 81.20 yuan/ton, the lowest transaction price was 72.00 yuan/ton, and the average transaction price was 76.72 yuan/ton. The closing price on the last trading day of September was 78.29 yuan/ton, down 1.29% from the closing price of 79.31 yuan/ton on the last trading day in August. As of September 30, the cumulative transaction volume of GDEA was 190 million tons, and the cumulative transaction volume was 4.517 billion yuan.

Figure 5 Guangdong carbon market transaction data in September

Guangzhou Carbon Emissions Exchange, Wind

Shenzhen Carbon Market

In September, the total transaction volume of carbon emission allowances (SZEA) in the Shenzhen carbon market was 298,000 tons, and the total transaction volume was 14.6777 million yuan. During the period, the highest transaction price was 59.52 yuan/ton, the lowest transaction price was 43.92 yuan/ton, and the average transaction price was 49.25 yuan/ton. The closing price on the last trading day of September was 51.01 yuan/ton, an increase of 8.28% from the closing price of 47.11 yuan/ton on the last trading day in August. The average transaction price on the last trading day of September was 50.44 yuan/ton, up 3.94% from the last trading day of August. As of September 30, SZEA's cumulative transaction volume was 54.564 million tons, with a cumulative transaction value of 1.376 billion yuan.

Figure 6 Shenzhen carbon market transaction data in September

Shenzhen Emissions Exchange, Wind

Hubei carbon market

In September, the total transaction volume of carbon emission allowances (HBEA) in the Hubei carbon market was 136,900 tons, and the total transaction volume was 6.4855 million yuan. During the period, the highest transaction price was 50.00 yuan/ton, the lowest transaction price was 45.66 yuan/ton, and the average transaction price was 47.39 yuan/ton. The closing price on the last trading day of September was 48.87 yuan/ton, up 2.32% from the closing price of 47.76 yuan/ton on the last trading day in August. As of September 30, the cumulative turnover of HBEA was 82.0632 million tons, and the cumulative turnover was 1.978 billion yuan.

Figure 7 Trading data of Hubei carbon market in September

Hubei Carbon Emissions Trading Center, Wind

Tianjin carbon market

In September, the total transaction volume of carbon emission allowances (TJEA) in the Tianjin carbon market was 77,200 tons, with a total transaction value of 2.7805 million yuan and an average monthly transaction price of 36.00 yuan/ton. The average transaction price on the last trading day of September was 37.11 yuan/ton, an increase of 3.08% from the average transaction price of 36.00 yuan/ton on the first trading day in September, and a 6.03% increase from the average transaction price of 35.00 yuan/ton on the last trading day in August . As of September 30, TJEA's cumulative transaction volume was 22.6779 million tons, with a cumulative transaction value of 553 million yuan.

Figure 8 Trading data of Tianjin carbon market in September

Tianjin Emissions Exchange, Wind

Chongqing carbon market

In September, the total transaction volume of carbon emission allowances (CQEA) in the Chongqing carbon market was 20,400 tons, with a total transaction value of 717,900 yuan and an average monthly transaction price of 35.27 yuan/ton. The average transaction price on the last trading day of September was 30.25 yuan/ton, down 38.27% from the average transaction price of 49.00 yuan/ton on the first trading day in September. As of September 30, CQEA's cumulative transaction volume was 10.5663 million tons, and the cumulative transaction volume was 99.0412 million yuan.

Figure 9 Transaction data of Chongqing carbon market in September

Chongqing United Assets and Equity Exchange, Wind

Fujian carbon market

In September, the total transaction volume of carbon emission allowances (FJEA) in the Fujian carbon market was 153,700 tons, and the total transaction volume was 4,103,100 yuan. During the period, the average transaction price was 26.69 yuan / ton. The closing price on the last trading day of September was 28.65 yuan/ton, an increase of 1.27% from the closing price of 28.29 yuan/ton on the first trading day of September, and a decrease of 5.54% from the closing price of 30.33 yuan/ton on the last trading day of August.

Figure 10 Fujian carbon market transaction data in September

Strait Equity Exchange Center, Wind

EU carbon market

In September, the total spot transaction volume of EU carbon emission allowances (EUA) was 1.098 million tons, with a total transaction value of 77.2173 million euros, and the average spot settlement price was 70.33 euros/ton; the total futures transaction volume was 600 million tons, with a total transaction value of 42.182 billion euros and futures settlement. The average price is 70.27 euros / ton. The EUA spot settlement price in September was as low as 64.80 euros/ton and as high as 80.32 euros/ton; futures settlement prices were as low as 64.97 euros/ton and as high as 80.33 euros/ton.

Figure 11 EU carbon market transaction data in September

ICE、Wind

(The title of this article is from First Finance and Economics)

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Text | Researcher Liu Huiwen

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