This paper presents a new feed-forward strategy for suppressing low-order harmonic circulating currents in pulsewidth-modulated (PWM) based modular multilevel converters (MMCs). The approach is based on the new average model approach established in this paper, which identifies cross-coupling interactions between the system-level and submodule elements using decomposed dependent sources. As well as improving the damping of the system, the major advantage of this approach is that it maintains the natural DC bus balance property of a PWM modulated MMC by considering the upper and lower arms together (unlike existing feed-forward schemes which treat each MMC arm independently). Moreover, unlike existing direct control resonant strategies, which require careful gain tuning and are highly dependent on the ac system frequency, the proposed approach achieves wideband circulating current ripple suppression without requiring knowledge of the circulating current harmonic frequencies and needs only a simple proportional-integral (PI) controller to regulate the circulating current dc component for power balance. This makes it particularly suitable for use in multifrequency or variable-frequency ac systems. Extensive simulation and matching experimental results, including steady-state and transient responses compared against existing circulating current suppression approaches, validate the effectiveness and benefits of this new feed-forward compensation technique.