ASIATODAY.ID, JAKARTA – Indonesia Commodity and Derivatives Exchange (ICDX) is collaborating with Shanghai Metal Market (SMM) in an effort to expand the Indonesian tin market.
ICDX and SMM held the ASEAN Tin Industry Conference 2024 Jakarta. This event was held in conjunction with Indonesia Critical Mineral Conference which lasted for three days, 11–13 June 2024. The 2024 ASEAN Tin Industry Conference was attended by hundreds of participants from various countries. Various topics were discussed in this event, both in terms of government policy, industrial development, supply chains and future tin trade prospects.
ICDX Main Director, Nursalam said that this collaboration with SMM is ICDX’s effort to expand the market, especially in the tin exchange. Tin is a global commodity whose buyers are spread throughout the world.
“With this event with SMM, it is hoped that ICDX can develop markets directly to various tin user or consumer countries,” he explained, Thursday, June 13 2024.
Logan Lu, Senior Vice President of SMM, said that Indonesia has quite large tin reserves in the world and is one of the important players in the global tin trade. This collaboration with ICDX by holding the ASEAN Tin Industry Conference is to bring together world tin market players, both sellers and buyers.
“We see that ICDX has a strong commitment to continuing to improve the quality of global trade, especially for tin commodities,” he added.
Regarding tin trading, ICDX has been carrying out physical tin market trading through the stock exchange since 2013. In terms of tin commodities, Indonesia has a strategic role on the world stage.
In terms of production capacity, based on the 2023 United States Geological Survey (USGS) report, Indonesia is in 3rd position as the largest tin producing country in the world with a production capacity of 52,000 metric tons. The second position is occupied by Myanmar with a capacity of 54,000 metric tons, and in the first position the largest tin producing country in the world is occupied by China with a capacity of 68,000 metric tons. (ATN)
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