Coal & Steel Trade: India’s SAIL airlifted a 1-tonne coking coal sample from Mongolia for the first time to test suitability for steelmaking, as it looks to diversify away from Australia—though logistics via Russia remain a major hurdle. Japan–Mongolia Dealmaking: Prime Minister Uchral Nyam-Osor met Japan’s Sanae Takaichi in Tokyo, with both sides pushing cooperation on security, AI, renewable energy and oil stockpiling; Japan also signed a JICA financing agreement for expanding Chinggis Khaan International Airport (JPY 158.3bn, 40-year term). IMF & Fiscal Watch: Mongolia’s justice and internal affairs minister met an IMF mission chief on inflation and fiscal stability, with concerns that salary hikes could add price pressure; AML/CFT review criteria are also changing. Regional Connectivity Push (CAREC): CAREC ministers gathered in Ulaanbaatar to advance the CAREC 2030 agenda and next-generation economic corridors, with focus on green and digital transport links and private-sector participation. Rail & Logistics Links: Korea National Railway signed an MOU with Mongolia’s Ulaanbaatar Railway to jointly promote railway projects, including double-tracking on the Altanbulag–Zamiin-Uud stretch. Aviation Boost: Direct Ulaanbaatar–New Delhi flights began, cutting travel to about 5 hours and expected to support tourism and faster cargo movement. Oyu Tolgoi Update: Mongolia and Rio Tinto agreed to amend Oyu Tolgoi terms, targeting first dividends for the government from 2027.