The Steelmakers Who Buy Its CoalThin moat

Marubeni (8002) — moat facet

Marubeni sold more coal to steelmakers last year and made a third less on it.

Marubeni's coking coal comes from Australian mines in which it holds stakes: 43% of Jellinbah East, 38% of Lake Vermont, 12% of Hail Creek and 13.6% of German Creek East1. Its buyers are steelmakers, and its equity sales volume rose from 6,056 thousand tonnes to 6,673 thousand in the year to March 20262.

Steelmaking coal (years to March)6,056Volume 2025 (kt)6,673Volume 2026 (kt)Profit fell from ¥42.7bn to ¥27.9bn; Marubeni IR presentation
More tonnes sold to steelmakers, a third less profit.

Volume rose and profit fell: Marubeni Resources Development, which holds the coal stakes, earned ¥27.9 billion against ¥42.7 billion3. The steelmakers paid less per tonne.

That is the nature of this client: a steel mill buys coking coal on price, and the price is set by global steel demand, much of it Chinese. Marubeni's advantage is the quality and cost position of the mines, not the relationship with the buyer.

The coal stakes are all Australian: 43% of Jellinbah East, 38% of Lake Vermont, 12% of Hail Creek and 13.6% of German Creek East, with partners including the Jellinbah Group, Glencore and Anglo American4. The company values its steelmaking coal exposure at about ¥150.0 billion5.

The measure is profit per tonne. At ¥27.9 billion on 6,673 thousand tonnes, a further fall in price would push the coal business below its cost of capital.

Moat trajectory: Narrowing

Volume up 10%, profit down by about a third; the buyers' price is falling.

The number that tests this moat
Reported
Marubeni Resources Development (steelmaking coal) net profit
¥27.9bn against ¥42.7bn

Profit fell while volume rose; the steelmakers' price, not Marubeni's output, decides this line.

Source: Marubeni full-year IR presentation, May 2026 ↗
References
  1. ReportedMarubeni's coking coal comes from Australian mines in which it holds stakes: 43% of Jellinbah East, 38% of Lake Vermont, 12% of Hail Creek and 13.6% of German Creek East.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedIts buyers are steelmakers, and its equity sales volume rose from 6,056 thousand tonnes to 6,673 thousand in the year to March 2026.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedVolume rose and profit fell: Marubeni Resources Development, which holds the coal stakes, earned ¥27.9 billion against ¥42.7 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedThe coal stakes are all Australian: 43% of Jellinbah East, 38% of Lake Vermont, 12% of Hail Creek and 13.6% of German Creek East, with partners including the Jellinbah Group, Glencore and Anglo American.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedThe company values its steelmaking coal exposure at about ¥150.0 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026