Indonesia plans to launch its national commodity exchange (Icomex) on January 1, 2027, to strengthen its influence over the pricing of strategic commodities such as nickel, palm oil, and coal.
President Prabowo Subianto noted that although Indonesia has been one of the world's largest producers of various commodities for decades, prices are still determined by overseas exchanges. The average nickel price fell from US $ 21,474/tonne in 2023 to US $ 15,349/tonne in 2025. Indonesia subsequently cut its nickel ore production target from 379 million tonnes to around 250 million tonnes, which briefly pushed nickel prices to US $ 19,350/tonne in April, before they retreated to around US $ 17,000/tonne in August.
Moreover, mandatory exchange trading could raise legal disputes over long-term contracts with foreign buyers, and companies also worry about membership and clearing fees. Economists suggest that Icomex should start with a few commodities and implement pilot programs in phases. This means that Indonesia is attempting to gain pricing power through the exchange, but whether it can truly win market trust remains to be seen.
