Actually Scorp...
A dry metric tonne unit is the internationally accepted unit of measure for iron ore pricing.
A dry metric tonne unit is 1% of iron (Fe) contained in a tonne of ore, excluding moisture.
The price per tonne of a consignment of iron ore is calculated by multiplying the cents/dmtu price by the percent Fe content of the ore in that shipment.
For example, a 67% Fe content iron ore will priced at the contracted dmtu price multiplied by 67, a 55% Fe content ore at the dmtu price multiplied by 55, etc.
Iron ore contract prices are quoted in US$ cents.
david scanlan brought kaboko, page-4
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