REPUBLIKA.CO.ID, PANGKALPINANG -- State-owned tin mining enterprise PT Timah wants Indonesia to be the world tin price determinant as it will improve the state's revenue and welfare, according to executive director of PT Timah Sukrisno.
"We are trying and coordinating with the Ministry of Trade so that Indonesia will have the authority to determine the world tin price," he said here Wednesday (22/4).
Sukrisno explained that Indonesia is currently the second largest tin producer and exporter in the world.
"If we can determine the world tin price, it will boost our national dignity and Indonesia will be more respected by other nations," he added.
The price of tin at the international market is currently US$14 thousand per ton. This price is considered low and not profitable for the Indonesian tin mining company.
In order to become the world tin price determinant, Indonesia is applying the one-door tin sale system under which tin can be sold and bought only through Indonesian Commodity and Derivative Exchange (ICDX).
"Every seller and buyer should register as an ICDX member to make transactions at the exchange in Jakarta," Sukrisno noted.
It is expected that the ICDX can play a role in the world tin exchange and can be referred for determining the international tin price in the near future.
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