NAICS 423520 Quarterly Industry Report
Coal and Other Mineral and Ore Merchant Wholesalers
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 423520Sector: Wholesale Trade (42)Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 423520 draws on data from the U.S. Census Bureau[5] economic profiles, Bureau of Labor Statistics[6] employment surveys, and SBA size standard publications[7]. Our research team tracks coal production volumes, mineral commodity pricing, and energy sector demand patterns to provide valuation context for mineral wholesale operations. Updated quarterly, each data point is sourced to its originating federal or institutional database.
Industry Snapshot
Key metrics for the coal and other mineral and ore merchant wholesalers industry.
Industry Definition & Overview
Coal and Other Mineral and Ore Merchant Wholesalers (NAICS 423520) encompasses establishments primarily engaged in the merchant wholesale distribution of coal, coke, metal ores, and nonmetallic minerals. This excludes precious and semiprecious stones and construction minerals like sand and gravel, which are classified elsewhere. Wholesalers in this industry purchase commodities from mining operations and resell them to power plants, steel mills, chemical manufacturers, industrial users, and export markets.
Coal distribution historically dominated this classification, supplying thermal coal to electric utilities and metallurgical coal to steel producers. The ongoing energy transition away from coal-fired power generation has reshaped the industry, reducing domestic thermal coal demand while metallurgical coal exports remain a significant market. According to the U.S. Census Bureau[5], this code also covers mineral ore distribution, including iron ore, copper ore, bauxite, and various nonmetallic minerals used in industrial processes.
Logistics costs represent a large share of total delivered mineral commodity prices. Rail, barge, and truck transportation networks connect mining regions to end-use customers, and wholesalers often coordinate complex multi-modal shipment arrangements. Terminal and storage facility operations are common, as distributors maintain stockpile inventories at river terminals, port facilities, and rail-served yards to buffer supply and demand timing differences across commodity markets.
What's Included in This Industry
- Thermal coal wholesale distribution
- Metallurgical coal wholesale operations
- Coke wholesale distribution
- Iron ore wholesale operations
- Nonmetallic mineral wholesale distribution
- Metal ore wholesale operations
- Coal terminal and storage operations
- Industrial mineral wholesale distribution
- Bauxite and aluminum ore wholesaling
- Copper and base metal ore wholesale operations
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Wholesale Trade | 42 |
| Subsector | Merchant Wholesalers, Durable Goods | 423 |
| Industry Group | Metal and Mineral (except Petroleum) Merchant Wholesalers | 4235 |
| NAICS Industry | Coal and Other Mineral and Ore Merchant Wholesalers | 42352 |
| National Industry | Coal and Other Mineral and Ore Merchant Wholesalers | 423520 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 423510 | Metal Service Centers and Other Metal Merchant Wholesalers | Metal service centers distribute processed metal products and shapes rather than the raw metal ores and mineral commodities covered by this classification |
| 212210 | Iron Ore Mining | Iron ore mining extracts the raw iron ore that mineral wholesalers purchase from mines and distribute to steel mills and industrial buyers |
| 212230 | Copper, Nickel, Lead, and Zinc Mining | Copper, nickel, lead, and zinc mining produces the base metal ores that flow through mineral wholesale distribution channels |
| 212290 | Other Metal Ore Mining | Other metal ore mining produces specialty metal ores distributed through mineral wholesale networks to industrial processing facilities |
| 212311 | Dimension Stone Mining and Quarrying | Dimension stone mining and quarrying produces stone products that may overlap with nonmetallic mineral wholesale distribution channels |
| 212390 | Other Nonmetallic Mineral Mining and Quarrying | Other nonmetallic mineral mining produces industrial minerals distributed through wholesale channels to chemical and manufacturing end users |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Pennsylvania | 12.5% | 36 |
| 2 | Texas | 9.8% | 28 |
| 3 | California | 8.4% | 24 |
| 4 | Ohio | 6.3% | 18 |
| 5 | Florida | 5.6% | 16 |
| 6 | New York | 5.2% | 15 |
| 7 | Virginia | 4.5% | 13 |
| 8 | Kentucky | 4.5% | 13 |
| 9 | Alabama | 3.5% | 10 |
| 10 | Tennessee | 3.1% | 9 |
% Of Establishments
0%
13%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
16
Total SBA Loans
$18.7M
Total Loan Volume
$1.2M
Average Loan Size
18 yrs
Average Loan Term
8.03%
Average Interest Rate
104
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA[7] classifies Coal and Other Mineral and Ore Merchant Wholesalers under NAICS 423520 with a size standard of 200 employees. Many regional coal brokers and mineral distributors operate with small staffs focused on trading and logistics coordination. Qualifying firms can access SBA lending programs[8] for terminal facility investments, inventory financing, transportation equipment, and working capital to manage the commodity price volatility inherent in mineral wholesale operations. Eligible businesses can access SBA 7(a) loans[9] for working capital, equipment, and acquisition financing, while 504 loans[10] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Wells Fargo Bank National Association | 8 | $18.3M | $2.3M |
| 2 | Banner Bank | 8 | $360K | $45K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 423520?
NAICS 423520 covers merchant wholesalers distributing coal, coke, metal ores, and nonmetallic minerals. These include coal brokers, mineral trading companies, ore distributors, and terminal operators that stockpile and transship bulk commodities. Per the U.S. Census Bureau[5], precious stones and construction minerals like sand and gravel are excluded from this classification.
How is NAICS 423520 structured within the broader classification?
This code belongs to Industry Group 4235 (Metal and Mineral (except Petroleum) Merchant Wholesalers), Subsector 423 (Merchant Wholesalers, Durable Goods), and Sector 42 (Wholesale Trade). It shares Industry Group 4235 with 423510 (Metal Service Centers and Other Metal Merchant Wholesalers).
What is the SBA size standard for NAICS 423520?
The SBA[7] sets the size standard at 200 employees for Coal and Other Mineral and Ore Merchant Wholesalers. Firms below this threshold qualify as small businesses for federal contracting and SBA financing programs.
Which NAICS codes are most closely related to 423520?
Metal service centers (423510) distribute processed metals rather than raw ores. Iron ore mining (212210), copper mining (212230), and other mining codes supply the commodities. Per Census Bureau NAICS references[11], the wholesale distribution function separates this code from the mining extraction codes.
What industries interact most with coal and mineral wholesalers?
Steel mills (331110) consume metallurgical coal and iron ore. Aluminum smelters (331313) use bauxite. Electric utilities historically consumed thermal coal for power generation. Per Bureau of Labor Statistics[6] data, coal mining employment and production volumes have declined as natural gas and renewables displaced coal-fired electricity generation.
What specific activities are included in NAICS 423520?
Activities include purchasing coal and mineral ores from mines, operating terminal storage and stockpile facilities, coordinating rail, barge, and truck transportation, managing commodity inventories, distributing coke and metallurgical coal to steel producers, and supplying nonmetallic minerals to industrial manufacturers. Per Census Bureau definitions[5], construction minerals like sand and gravel are excluded.
Can coal and mineral wholesalers access SBA loans?
Yes. Distributors with fewer than 200 employees qualify for SBA loan programs[8] including 7(a) loans for inventory financing and working capital, 504 loans for terminal facilities and storage infrastructure, and microloans for smaller operational investments. Commodity price volatility makes working capital management critical.
Where are coal and mineral wholesalers concentrated in the United States?
Coal wholesale operations concentrate in Appalachian mining regions (West Virginia, Kentucky, Virginia, Pennsylvania) and the Powder River Basin (Wyoming, Montana). Mineral ore distribution centers locate near Great Lakes ports, Gulf Coast export terminals, and inland river barge facilities. Rail-served terminal locations along major freight corridors support bulk commodity storage and transshipment activities.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA size standard publications sba.gov
- [8]SBA lending programs sba.gov
- [9]SBA 7(a) loans sba.gov
- [10]504 loans sba.gov
- [11]Census Bureau NAICS references census.gov
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