Jakarta, March 8, 2021 - ICDX received a working visit from Commission III of the DPRD of the Bangka Belitung Islands Province (Babel) on Tuesday (8/3) at the ICDX office, Jakarta. This visit was to discuss tin export activities through ICDX which is centered in Bangka Belitung. During the first two months of 2022, the transaction value of ICDX tin exports recorded positive growth, increasing by 50.21% to almost Rp1.7 trillion. ICDX also recorded the highest ICDX tin price until early March reached USD 46,895 per metric ton (7/3), this is the highest record price for Indonesian tin in history.
This price increase will certainly have a positive impact both for Indonesian tin smelters in terms of providing benefits for sellers who transact at ICDX, as well as for the Indonesian government because the export earning received also increases. During the meeting, the DPRD Babel together with ICDX agreed to jointly promote the physical tin market in Bangka Belitung.
In terms of prices, Research & Development ICDX, Girta Yoga explained, "The positive trend of rising prices has been seen since the beginning of the year, triggered by supply problems that are still tight in the market, while on the demand side it has gradually recovered along with the re-opening of lockdowns in other countries. major tin importer. As of early March, tin prices were recorded to have jumped by 18% since the beginning of this year.”
Regarding global issues that are currently being discussed, namely the geopolitical conflict between Russia and Ukraine, it will also indirectly affect the movement of tin prices. The commodity that is most directly affected is energy commodities, however, this energy commodity also influences the calculation of the basic costs of tin actors, both from production costs and logistics costs.