why coal stocks are down
Coal producers: Excel Coal Ltd., Centennial Coal Ltd. and other Australian coal stocks fell after Switzerland-based Xstrata Plc, the world's biggest exporter of coal used in power plants, settled contracts for 2006 with Taiwan Power Co. at a lower price than exporters were targeting, which may put pressure on other contract prices, Citigroup Inc. said.
Centennial Coal (CEY AU) slid 19 cents, or 4.8 percent, to A$3.80. Excel (EXL AU) fell 14 cents, or 2.1 percent, to A$6.50.
CEY Price at posting:
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