$Golden Energy (AUE.SG)$$Geo Energy Res (RE4.SG)$ Newcastle ...
Newcastle coal futures tumbled 25.9%, below the USD300 per tonne mark, to USD265.35, the lowest since Apr 2022, as prospects of increased supplies and reduced demand prompted investors to unwind some long positions.
Top consumer China recently permitted three central government-backed utilities and its largest steelmaker to resume coal imports from Australia, the first such action since Beijing imposed an unofficial ban on Australian coal imports in late 2020.
At the same time, warm weather, particularly in the US and Europe, has delayed the winter heating season while easing some concerns about fuel shortages. European coal imports in Jan are likely to decline nearly 30% from a year earlier and 23% from Dec, Kpler data showed.
Still, China is taking significant steps to boost its economy and end its strict coronavirus-induced regime, which, in turn, should increase demand for coal in the medium-to-long term.
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