Interviews conducted by Bloomberg with leading players involved in Indonesia’s new tin export regulation after three months in force reveal general satisfaction with the effects so far. Since 30 August all tin ingot exported must by traded through a local exchange and meet new quality standards.

The government doesn’t envisage changing the rule as volumes on the Indonesian Commodity and Derivatives Exchange, or ICDX, are increasing, said Trade Minister Gita Wirjawan, who is targeting higher prices. “I’m pleased but not fully satisfied yet, if possible the price should increase further,” Wirjawan said on 25 November in Jakarta, without giving a specific target. “That’s the value crystallization that we want,” he said.

The policy is on the right track, according to Sutriono Edi, head of the Commodity Futures Trading Regulatory Agency (Coftra). The ICDX will remain as the only bourse that’s allowed to trade tin ingots before shipment he said. Trading on the ICDX rose to 5,594 tonnes this month through 26 November from 3,020 tonnes in October, exchange data show. Members that can trade the metal rose to 31 from 12 on 30 August, and Coftra is processing applications from sixteen more companies, comprising eight sellers and eight buyers, Edi said. The ICDX will ensure that cargoes from its members meet the quality standards set by the government, according to Chief Executive Officer Megain Widjaja.