According to EEX, the common auction platform for EU Member States, today’s sale ranked among the weakest in the past four years, underscoring subdued bidding interest. A total of 3.27 million allowances cleared at €75.56, below the prevailing secondary market price, with a bid-to-cover ratio of just 1.08 compared with this year’s average of 1.68.

September auctions have generally seen soft participation, with the exception of one German sale, which achieved a healthier cover ratio of 2.08. Nonetheless, despite weak demand, clearing prices have mostly tracked close to spot values.

The bid-to-cover ratio, a key measure of auction outcomes, compares the total volume of bids to the amount offered. It serves as a gauge of demand: higher ratios point to stronger interest, while lower ratios signal weaker appetite.

After opening the day higher, the market reversed course following the auction’s poor results, “triggering a heavy sell-off that pushed levels down towards key technical support,” Carbon Pulse reported.