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A metric ton is a unit of measurement based on the metric system, rather than the standard, or imperial, system more commonly used in the United States. It is known as a tonne in most other countries, and is equivalent to 1,000 kilograms. Strictly speaking, it is a megagram, being one million grams.
A Dry Metric Tonne (Ton) Unit (dmtu) is the internationally agreed-upon unit of measure for iron ore pricing. It has the same mass value as a metric tonne, but the material has been dried to decrease the moisture level. A dry metric ton unit consists of 1% of iron (Fe) contained in a tonne of ore, excluding moisture. The price per tonne of a certain quantity of iron ore is calculated by multiplying the cents/dmtu price by the percentage of iron content. Iron ore contracts are quoted in US Cents.