The European Commission will propose updated ETS free allowance benchmarks after Easter. The figures for coke (0.0231), pig iron (1.248), and coke oven gas (0.143) match analyst expectations. The Market Stability Reserve cancellation mechanism faces suspension. This keeps excess allowances as a buffer. CBAM’s first quarterly certificate price arrives on 7 April 2026. Importers will buy certificates from February 2027 for their 2026 imports.