Timah Poised to Lead BMKS, Says It Is the Most Governance Ready
23 Sep 2026, 11:30 AM
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Harwendro Adityo Dewant, chairman of the Indonesian Tin Exporters Association (AETI), said the national tin industry is currently considered the most prepared to pioneer exports through the Mineral and Strategic Commodities Exchange (BMKS) starting January 1, 2027.According to Harwendro, tin governance is currently the most well-organized compared with other mineral commodities.This is evidenced by the comprehensive regulations governing mining permit (IUP) holders and refining facilities (smelters), as well as the entire sales scheme, which has been conducted 100% through the exchange since 2014 under the supervision of the Commodity Futures Trading Supervisory Agency (Bappebti) at the Ministry of Trade.“In fact, we are the ones pushing for this so that we can be the first to export, because the tin industry itself is actually fully prepared. Starting from the IUP, smelter owners, and our sales, everything has already gone through the exchange 100%,” Harwendro said when contacted on Wednesday (Sept. 23, 2026).Unlike coal, which uses long-term contracts, Harwendro said tin transactions rely entirely on the exchange mechanism.As such, integrating transactions under government management would instead complement the infrastructure of the domestic tin market.“For us, transactions have always gone through the exchange. So we don’t have long-term contracts like coal or other minerals,” he explained.Buffer StockThrough the BMKS, he added, AETI believes the government will not only control the transaction exchange but also have a buffer stock of tin commodities.Harwendro added that the availability of this buffer stock is an absolute requirement for Indonesia to play a role as a global tin price maker, given Indonesia’s position as the world’s largest tin exporter.“Then we also need to talk about the physical tin itself, which is called the buffer stock. Once all of that is in place, we will have become a price maker, meaning we can become a global price maker,” he said.Previously, BMKS Supervisory Executive Head and concurrently a member of the Board of Commissioners of the Financial Services Authority (OJK), Sarjito, said preparations for establishing the BMKS—which is planned to be named the Indonesia Commodity Exchange (Icomex)—had entered several key stages.“By Jan. 4, 2027, we expect trading on the mineral and strategic commodities exchange to commence through the Icomex entity,” Sarjito said during a working meeting with Commission XI in Jakarta on Tuesday (September 15, 2026).Sarjito said his institution would carry out preparations for the launch of Icomex throughout September-November this year. He expressed hope that Icomex could begin operating in early 2027.He said the commodities included in exchange trading would be introduced gradually, depending on market participation. At the initial stage, tin and ferronickel will be the first commodities traded through Icomex.Meanwhile, state-owned mining companies that are members of the MIND ID Group will become initial participants in mineral commodity trading through Icomex.“Tin is currently traded on ICDX and has been for quite some time, but participation at the time was still limited,” he said.Meanwhile, OJK issued two OJK Regulations (POJK) concerning the Mineral and Strategic Commodities Exchange (BMKS) on Friday (Sept. 18, 2026).They are POJK No. 15/2026 on the Phased Transfer of Duties and Authorities for the Regulation and Supervision of Transactions on the BMKS from the Commodity Futures Trading Supervisory Agency (Bappebti) to OJK, and POJK No. 16/2026 on the Operation of the Mineral and Strategic Commodities Exchange.POJK No. 15/2026 took effect on Sept. 17, 2026, while POJK No. 16/2026 will take effect on Jan. 1, 2027.“POJK No. 15/2026 on the BMKS transfer from Bappebti to OJK regulates the mechanism for transitioning the BMKS regulatory and supervisory authorities from Bappebti to OJK so that the process runs smoothly and in a measured manner, in order to maintain market stability, prevent legal gaps, and minimize operational obstacles for existing business operators,” said OJK Public Communications Directorate Head Sekar Putih Djarot in a press statement.The transfer of authority from Bappebti to OJK will take effect on Jan. 1, 2027, when the BMKS begins operations.Meanwhile, through POJK 16/2026, OJK is strengthening the regulatory and supervisory framework for BMKS operations, covering, among other things, participants in BMKS trading activities, trading and trading phase procedures, BMKS transaction operations, governance, risk management, user protection, and integrity enforcement.
