REPUBLIKA.CO.ID, PANGKAL PINANG - Government has implemented the transaction of tin trade through Indonesia Commodity and Derivatives Exchange (ICDX) since 2013, especially for processed tin products. Secretary of Commodity Futures Trading Regulatory Agency, Junaedi said that tin sales run very well in last six months.
ICDX aims to establish local price as global reference price. The average sales price of Indonesian tin currently reaches 2,300 USD per metric ton (MT), while global tin price at London Metal Exchange is only 22 thousand USD per MT. Indonesia is one major producers of raw materials of tin.
"The sales scheme is carried out transparently, fair and accountable. There has never been a complaint over our products," Junaedi said recently as reported by Ichsan Emrald Alamsyah.
ICDX data showed that total sales of Indonesian tin reached 26,415 MT worth 523 million USD. The average sales per month was recorded 4,270 MT. The highest achievement price reached 23,495 USD, while the lowest price was 21,500 USD per MT with an average price of 23,200 USD per MT.
All tin products must be sold through ICDX. It is considered to make tin sale more transparent. Buyers who are now mostly using third party will go directly to ICDX. This step needs more discussion as many buyers buy tin in foreign countries. Tin export of Indonesia has reached 80 percent in 2013 with total production of 44 thousand MT.
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