Indonesia Seeks to Strengthen Its Influence in Global Commodity Pricing

RRI.CO.ID, Jakarta - Indonesia is targeting an increase in its influence over global energy and commodity price formation. The country also aims to transform from a price taker into a price influencer, and eventually a price maker.

This was conveyed by Sarjito, the newly elected Executive Director for the Financial Services Authority (OJK)’s supervision of the Strategic Minerals and Commodities Exchange (BMKS). He said the target will be achieved through eight strategic policies that form the foundation for BMKS’s development.

Sarjito emphasized the importance of a liquid, transparent, integrated, and trusted exchange. “BMKS does not need to be big on the first day, but it must be trusted from the very first transaction,” he said on Monday, August 24, 2026.

The first policy is to build trusted infrastructure, including warehousing, survey agencies, exchanges, and clearing houses. All infrastructure must be secure, reliable, and integrated.

The second policy is to establish a trusted market -- transparent, fair, well‑regulated, and liquid. The third is to develop trusted products that are structured, standardized, transparent, and supportive of national interests.

The fourth policy focuses on trusted data through integration and data exchange among institutions. Mineral and commodity data scattered across various agencies must be managed in an integrated manner to support policymaking and price formation.

The fifth policy is to establish a trusted regulator by strengthening the regulator’s understanding of mineral and commodity exchange trading. The sixth is to build a trusted ecosystem involving the OJK, relevant ministries, industry players, and other stakeholders.

“This ecosystem must eventually be interconnected. The OJK cannot act as a sole regulator operating independently; it must harmonize with ministries and other parties,” Sarjito said.

The seventh policy aims to strengthen market depth and capacity by expanding participant involvement and developing a wider range of tradable mineral and commodity products.

The eighth policy is to gradually establish BMKS as the price reference for Indonesia’s strategic minerals and commodities. This step is expected to enhance Indonesia’s position in determining global commodity prices.

“This is a very heavy mandate, especially considering the time left is extremely limited—only a few months. Therefore, we must build trust,” Sarjito said.

He hopes that prices formed through BMKS will eventually serve as a reference for the global market. Strengthening the exchange is also expected to bolster Indonesia’s position in the global trade of strategic minerals and commodities.

According to him, BMKS's development must ultimately align with the constitutional mandate. The management of Indonesia’s natural resources must provide the greatest possible benefit for the prosperity of the Indonesian people.

Sarjito noted that Indonesia’s vast mineral wealth has not yet been matched by the ability to influence price formation. The prices of several strategic commodities still refer to foreign mineral exchanges.

“How is it possible that we are producers of tin and nickel,” he said, “yet their prices are not determined by our own country?”

In addition to price formation, Sarjito highlighted the potential for economic leakage through under‑invoicing and transfer pricing. These practices, he said, can result in suboptimal government revenue from commodity trade.

Therefore, BMKS must be supported by an integrated, transparent trading ecosystem with sufficient market depth. Such an ecosystem is expected to strengthen governance while increasing the economic benefits derived from Indonesia’s strategic commodities. (Gusti Panji)