CBAM Certificate Price Set at €75.36/t for First Quarter of 2026

CBAM

CBAM certificate price levels for the first quarter of 2026 were confirmed at €75.36/t of CO2 equivalent, giving importers their first official carbon cost benchmark under the EU’s Carbon Border Adjustment Mechanism. The European Commission calculated the price using the weighted average of EU emissions trading system auction clearing prices during the quarter.

The CBAM certificate price matters directly for importers of carbon-intensive goods because it defines the cost exposure linked to embedded emissions. Steel, aluminium, cement, fertiliser, electricity and other covered sectors must now treat CBAM as a real financial planning issue, not only a reporting obligation.

The Commission will use the same quarterly calculation method for the remaining quarters of 2026. From 2027, the system will shift to a weekly average based on ETS auction prices, increasing the importance of active carbon cost monitoring.

Importers Turn to EUA Proxy Hedging Before Certificates Become Available

Companies have started proxy hedging CBAM exposure through EU ETS allowances because CBAM certificates will not enter circulation until February 2027. This has made the EUA market an important temporary tool for firms trying to manage carbon price volatility.

Proxy hedging demand for spot and front-year EUAs was stronger early in the first quarter. It weakened toward the end of the quarter as companies gained more visibility on where the official CBAM certificate price would settle.

However, CBAM certificates cannot be traded or resold. This makes them different from EUAs and limits the ability of companies to manage exposure through a conventional tradable instrument.

Carbon Cost Management Becomes a Supply Chain Issue

CBAM cost exposure is tied to primary ETS market auction prices, although those prices move closely with the spot EU ETS market. Some companies therefore see EUA proxy hedging as useful but incomplete.

This creates a new risk-management challenge for importers, traders and industrial buyers. They must manage not only material prices, freight and tariffs, but also embedded carbon costs linked to EU climate policy.

The Commission will publish second-quarter CBAM certificate prices on 6 July, third-quarter prices on 5 October and fourth-quarter prices on 4 January 2027. These publication dates will become key reference points for purchasing, pricing and contract negotiations.

The Metalnomist Commentary

The first CBAM certificate price turns Europe’s carbon border system into a measurable cost line for global suppliers. The next challenge will be whether importers can build reliable hedging, pricing and verification strategies before full certificate trading mechanics begin in 2027.