DUBLIN--(BUSINESS WIRE)--The "Umetal Iron Ore Daily Price" newsletter has been added to Research and Markets' offering.
Sales Prices of Imported Iron Ore at 15 China Ports Quoted in RMB Wet Metric Tonne, 17% VAT Included and Foreign Quote of Imported Iron Ore.
Remarks:
- Spot prices of imported iron ores at main China ports in RMB, wet metric tonne (WMT), 17% VAT & RMB35/tonne port incidental charges included, not CIF or FOB prices.
- CIF or FOB prices of imported ores are generally lower than the prices in the table below when market is increasing, but higher when market is declining, as CIF or FOB offer prices are the level one month later. The prices below are spot cargoes.
Please use the following formula to get iron ore price in DMT, USD and tax excluded:
such as spot price of 63.5% Indian fines is RMB1,270/tonne at port Tianjin, so its USD and DMT price is:
1) subtract the port charges(unit: RMB):1270-35=1235 (different port has different charges, but will stand at around RMB35/tonne or so.)
2) calculate the price without tax (unit: RMB):1235/1.17=1055 (VAT:17%)
3) convert to USD:1055/6.6450=158.8
4) convert to DMT:158.8/(1-8%)=168.9 (moisture of fines is 8%, pellet is 2-4%)
Equal to:158.8/0.92=172.6
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