MMi Daily Iron Ore Report (February 20)

India has secured a country-specific tariff-rate quota of 1.9 million tonnes a year for steel exports to the EU, plus 0.9 million tonnes via residual quotas, giving total access of 2.8 million tonnes — over 80% of India's EU-bound exports, about 3 million tonnes last fiscal year. Shipping has begun after New Delhi won front-loaded benefits before the India-EU FTA's ratification. The quota covers hot-rolled, cold-rolled, coated and tin mill sheets, stainless steel, rebar, wire rod and tubes; uncovered grades may use residual or FTA-preferential quotas. The EU's Steel Overcapacity Regulation took effect on 1 July 2026, granting 18.3 million tonnes of duty-free imports with a 50% duty beyond, plus melt-and-pour origin rules. FTA talks ended on 27 January.

Indonesian coal player PT Bayan Resources Tbk announced that Andi Syamsuddin Arsyad, also known as Haji Isam, will acquire 10.0 billion Bayan shares through PT Jhonlin Baratama. Bayan's management said the proposed transfer of the controlling shares was formalised through a Conditional Sale and Purchase of Shares Agreement signed on 16 September by company founder Low Tuck Kwong and his daughter Elaine Low. The agreement covers the proposed transfer of 10,000,000,500 ordinary Bayan shares. However, Bayan said completion of the transaction remains subject to the fulfilment of several conditions precedent.