Indonesian state-controlled coal miner PT Bukit Asam Tbk (PTBA) expects the government's planned strategic commodity exchange to boost trading and create a transparent, objective reference price for Indonesian coal, a company official said on August 19, as reported by Bloomberg Technoz.

The exchange, to be named Indonesia Commodity Exchange (Icomex), is slated to start operating on January 1, 2027, under the supervision of the Financial Services Authority (OJK). President Prabowo Subianto aims for the bourse to establish an "Indonesia Reference Price" for key commodities including nickel, palm oil, and coal.

However, PTBA Corporate Secretary Eko Prayitno said transactions on the new bourse must not disrupt existing supply contracts or the company's domestic market obligation (DMO) commitments.

"The exchange is expected to provide legal certainty, price transparency, and efficiency in both domestic and export market transactions, without disrupting the fulfilment of current contracts and domestic needs," Eko said.

He added that the company is preparing to adapt its operational and trading activities to comply with upcoming regulations, and hopes for adequate trading infrastructure, commodity quality standards, and a sufficient transition period.

Separately, Energy and Mineral Resources Minister Bahlil Lahadalia said the exchange is a step toward Indonesia setting its own commodity prices, reducing reliance on international benchmarks. Bahlil noted that the government's reference coal price fluctuated between $97.65/t and $124.06/t over the past year due to supply management, underscoring the need for domestic pricing power.

President Prabowo has proposed M. Sarjito, a former OJK deputy commissioner, to lead the new exchange as its chief executive. The House of Representatives' Commission XI will process his nomination.

State Secretary Prasetyo Hadi said the government has yet to finalize the list of commodities to be traded, though coal, nickel, and crude palm oil are top candidates. The government is also studying whether to merge the new bourse with the existing Indonesia Commodity and Derivatives Exchange (ICDX).