On Mineral Exchange, Prabowo: We Will Build an Indonesia Reference Price!
President Prabowo Subianto today announced plans to establish a Mineral and Strategic Commodities Exchange.
Under the supervision of the Financial Services Authority (OJK), the Mineral and Strategic Commodities Exchange is targeted to begin operations on 1 January 2027.
“Today I am announcing the next stage of our single-door export policy. We have discussed with the OJK that we want to immediately establish a Mineral and Strategic Commodities Exchange,” President Prabowo said during his speech at the DPR RI Plenary Session on the 2027 State Budget Bill and Financial Note at the Nusantara Building, DPR RI, Jakarta, Friday (14/8/2026).
“We will soon operationalise the Mineral and Strategic Commodities Exchange under the supervision of the OJK. Our plan, if the OJK works well and I am confident the OJK works well — these are the women who now control our economy. Our plan, with the support of the DPR, is that on 1 January 2027 we will have our own Commodities Exchange,” he said.
He explained that with the establishment of the Mineral and Strategic Commodities Exchange, Indonesia is expected to become a price-setter for commodities. Moreover, the commodities sold originate from within the country’s own soil.
“With this, we will build an Indonesia Reference Price, an Indonesian reference price, for Indonesia’s main export commodities,” he asserted.
“We want to build a market that is deep, transparent, liquid, and trusted by the world. Producers, farmers, exporters, buyers, and investors will meet in one supervised system, with clearer transaction data and increasingly narrow room for manipulation,” he explained.
If buyers from other countries do not agree with the prices set on the Mineral Exchange, Prabowo stressed that it would be better for these commodities to remain in the ground for the future generations of Indonesian citizens.
“For decades, Indonesia has been one of the world’s largest producers of palm oil, nickel, tin, coal, coffee, rubber, and various other commodities,” he said.
“But too often, the price of the wealth that comes from the earth and the sweat of the Indonesian people is determined abroad, on foreign commodity exchanges, with benchmarks that we did not create ourselves,” he stated.
“Those who do not even have the commodities — how can they determine the price? This is unreasonable. I do not understand where this economic theory is taught. We own the goods, yet others determine the price. I ask the People’s Representatives, shall we continue this situation?” he said.
“Women work tirelessly making batik, yet others determine the price. We must have the courage to change this situation. I ask for the support of the House of Representatives to change this,” he asserted, which was immediately met with thunderous applause and even a standing ovation from DPR RI members.
“And I say here, I am confident that you all support me. If they do not want to pay the price we set, then they do not need to buy. Better that commodity — that nickel, that tin, that gold — all of it should remain in the ground for our children and grandchildren. Our coal, our oil, our gas, let them remain in the ground,” he continued.
“But of course we also understand market mechanisms — if the price is too high, that is unreasonable. But the important thing is that the exchange exists on Indonesian soil,” he added.