Jakarta, 19 October 2022 - ICDX Commodity Exchange held an international tin conference, the Indonesia Tin Conference (ITC) 2022 which was held at the Grand Hyatt, Jakarta. ITC is an annual ICDX event which was previously stopped due to the pandemic. The big theme at ITC 2022 is the Indonesian Tin Outlook which discusses the development of the tin industry in Indonesia, especially in the midst of the government's plan to ban the export of tin in 2023.
“This event is eagerly awaited not only by our members who are sellers and buyers of tin, but also industry players who use tin as one of the main components of production or end users. Indonesia as the second largest tin producer in the world, has an important role in the world's tin supply," said ICDX Director, Nursalam.
It is known that according to the Regulation of the Minister of Trade Number 32/M-DAG/PER/6/2013 concerning the Export Trading Administration of Tin Bars (Ingots) it must go through the Tin Exchange, since being transacted through the ICDX Exchange, the price of Indonesian tin has continued to increase. Even at the beginning of 2022 it reached USD49,950/metric ton. This shows that Indonesia has a big role as the world's tin price maker.
“Indonesia is one of the countries with the largest commodities in the world. If we look at the commodity trading performance of 2021-2022, Indonesia experienced a commodity supercycle which has an impact on Indonesian commodity prices. We must manage this commodity properly because it contributes to Indonesia's trade balance surplus of USD34.9 billion. As one of the tin producers in the world, the value of Indonesia's tin exports from 2018, 2019 to 2021 has increased significantly," said Plt. Head of BAPPEBTI, Didid Noordiatmoko in his remarks at the ITC 2022 event.
It is known that Indonesia has the second largest tin reserves in the world and the largest reserves are in Bangka Belitung. Bangka Belitung Province is the largest contributor to Non-Tax State Revenue (PNBP) for the last four years, amounting to Rp2.6 trillion. This makes tin one of the commodities that have such a large impact, especially on the national economy.
Meanwhile, on the same occasion the Governor of Bangka Belitung, Ridwan Djamaluddin said, “Tin has become the main driver of our economy in Bangka Belitung. Especially during a pandemic, these natural resources make such a big contribution. The government's plan to stop Indonesia's Tin export trade will certainly have an impact on state revenues, especially the regional economy of Bangka Belitung."
In 2025-2035, the government will develop the tin industry in Indonesia. This development is intended so that Indonesian tin can be utilized more optimally so that it can produce more downstream products. Permata Bank Chief Economist, Josua Pardede said, "The government through the National Industrial Development Master Plan (RIPIN) for tin commodities is preparing to produce new tin products."
Furthermore, Josua explained that the potential for developing the tin industry in the future is very large. Tin is one of the metals that has a positive effect on increasing the use of green technology, considering its large role in various electronic and electricity products. Therefore, downstreaming is the key for Indonesia to be able to maximize the utilization of the tin, especially for national economic resilience.
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About Indonesia Commodity & Derivatives Exchange (ICDX)
The Indonesia Commodity & Derivatives Exchange (ICDX), also known as the Indonesia Commodity and Derivatives Exchange (ICDX) is a commodity and derivatives exchange based in Indonesia. ICDX's vision is to become a global market exchange that improves national welfare, with a mission to become a benchmark for setting world commodity prices through Indonesian primary products. ICDX is an Exchange supported by its members consisting of brokers and traders regulated by BAPPEBTI. ICDX members facilitate customer transaction services which include ICDX commodity futures trading contracts. Trades on ICDX will be settled, guaranteed and cleared by the Indonesia Clearing House. For more information, please visit www.icdx.co.id
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