Newcastle coal futures, the benchmark for the top consuming region of Asia, tumbled below the $300 per tonne mark, the lowest since April 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 January are likely to decline nearly 30% from a year earlier and 23% from December, 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.