Iron ore futures prices are generally quoted in dollars, measured in dry tons. Take the CIF price CIF 100 USD PWMT and moisture 10% as an example, the spot price is100 * 0.9 *1.17 * 6.31+28.4.

In which 100 is the quotation for onshore US dollar futures of iron ore.

0.9 is to convert dry tons into wet tons.

1. 17 is the import VAT rate.

6.3 1 is the US dollar exchange rate.

28.4 refers to port miscellaneous fees, agency fees and port construction fees.