The deputy chairman of the Indonesian Tin Industry Association, Rudy Irawan, told The Jakarta Post its members would establish the Jakarta Tin Market (JTM) as the sole market for Indonesian tin products. “The JTM will be like a joint company with the task to market Indonesian tin products. This initiative will be led by state-owned PT Timah, the largest tin producer in the country,” he said. The exchange would allow local producers to control the prices charged for their tin products – something currently controlled by foreign brokers and traders, Rudy said.
The JTM would be jointly operated by 24 Indonesian tin miners, only eight to 12 of whom were currently active in production or trading, Rudi said. “We’ll no longer refer to international markets, such as the UK-based London Metal Exchange [LME], for our prices. The JTM will determine the price for Indonesian tin products,” he said.
ITRI understands that the plan to establish a market in Jakarta was discussed at the meeting of Indonesian producers on Monday which agreed to halt exports of tin from 1 October. The concept of a Jakarta market has been under consideration for several years.
