Key BRICS+ News of the Week
Indonesia to Launch Its Own Strategic Minerals and Commodities Exchange to Reduce Reliance on Foreign Price Benchmarks
Indonesia’s Strategic Minerals and Commodities Exchange is set to begin operations on January 1, 2027, under the supervision of the country’s financial regulator, OJK. The new platform will bring together producers, exporters and investors to establish reference prices for key resources. Indonesia is one of the world’s largest producers of nickel, tin, coal, palm oil and rubber, though prices for these commodities have traditionally been set by foreign exchanges. According to OEC data, the country was the world’s top exporter of ferroalloys and lignite in 2024, and the Geopolitical Economy Report has dubbed it «the world’s only nickel superpower.»
China’s Comac C919 — a Potential Rival to Boeing and Airbus — Completes Its First International Flight
The Comac C919, China’s first narrow-body airliner and a rival to Boeing and Airbus models, has completed its first scheduled international flight, with an Air China aircraft flying from Beijing to Ulaanbaatar. Flights on the route will now operate daily. The aircraft seats up to 174 passengers and targets the same market segment as the Boeing 737 MAX and Airbus A320neo. Production of the Chinese airliner, however, still relies on foreign-made components.
Brazil Prepares to Fight Back Against US Tariff Policy
Brazil’s government has opened consultations on possible retaliatory measures against the United States following Washington’s imposition of tariffs on a range of Brazilian goods. The move marks the first stage of a process that could ultimately lead to reciprocal tariffs on US imports. In July, the US had already hit Brazil with an additional 25 percent surcharge on sugar, apparel, paper and steel, along with a 12.5 percent tariff over allegations of inadequate enforcement of forced-labor bans. Among the retaliatory options under consideration are new tariffs, the removal of trade exemptions, and even the suspension of patents on American pharmaceutical and agricultural products.
Nigeria Finally Revives Its Steel Giant After Half a Century of Failed Attempts
Nigeria is once again trying to restart Ajaokuta Steel Company, a massive metallurgical complex built with Soviet assistance in the 1970s. Over nearly five decades, the state has poured more than $8 billion into the project, yet full-scale production has never begun. Now authorities hope to solve the plant’s core problem — a stable energy supply. The complex has been promised deliveries of up to 50 million cubic feet of gas per day. Ajaokuta’s design capacity stands at up to 5 million tons of steel a year, while Nigeria aims to boost national output to 10 million tons by 2030. According to preliminary estimates, the blast furnaces could be brought back online within six to seven months, with the entire plant following in two to three years. If the plan succeeds, Nigeria will finally close the book on one of Africa’s most expensive unfinished industrial projects.
Iran Prepares to Join the New Development Bank
Iran will soon become a member of the BRICS New Development Bank, Central Bank of Iran Governor Abdolnasser Hemmati announced at the BRICS summit in India. He called the establishment of the NDB the most important outcome of cooperation among BRICS member states and praised India’s work as BRICS chair, noting that Tehran and New Delhi are already deepening cooperation in monetary, banking and digital-economy fields.
