Platts proposes to launch calculated CBAM values for European aluminum

Platts, part of S&P Global Commodity Insights, proposes to launch a calculated value for the additional costs associated with the EU's Carbon Border Adjustment Mechanism (CBAM) for European aluminum premiums assessed on a duty-paid basis imported into the EU, effective Jan. 2, 2026.

CBAM requires importers of aluminum into the EU to purchase CBAM certificates for material imported from January 2026. Under European Commission regulation, CBAM certificates will be calculated as the weekly average auction price of the EU ETS Allowances (EUAs).

The proposed launch would provide additional transparency and granularity to the market through 2026, given that the requirement to purchase CBAM certificates has been delayed to January 2027, based on the most recent announcements from the EC.

The calculation would:

• Use the prevailing EC default carbon intensity value for unwrought aluminum with CN code 7601 (currently 2.36mt/CO2e for 2025).
• Leverage the existing Platts EUA assessment weekly average ( EADMP04).
• Account for the phase out of free allowances from 2026 through to 2034. For example, 97.5% in 2026, 95% in 2027 and ramping down to 0% by 2034.
• Account for the prevailing EC benchmark carbon intensity value (currently 1.464 mt/CO2e for 2025).
• Assume all certificates will be bought relative to the EU ETS cost and not differentiate for potential origin offsets.

More information on the existing weekly average of Platts EUA assessment can be found here .

Platts invites feedback on all aspects of this proposal, and is specifically seeking comments on the use of the EC's default value for unwrought aluminum as the carbon intensity component of the proposed calculation.

Please send feedback, comments, and questions to EMEAMetalsTeam@spglobal.com and pricegroup@spglobal.com by Oct. 17, 2025.

For written comments, please provide a clear indication if the comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.