Platts reported today that Rio Tinto (NYSE:RIO) has sold a rare shipment of iron ore via a spot tender. This is the first time that Rio Tinto has sold iron through a spot tender, Platts reported.
As quoted in the publication:
The price of the fines was predetermined as being at flat to the July average of Platts 62%-Fe Iron Ore Index values, adjusted for freight and iron content, according to the offer email Rio Tinto sent customers seen by Platts. Potential buyers were invited to bid only for the lump portion of the cargo on the basis of its premium over the IODEX, on a cents/dmtu basis.
Get Our Expert Guide to Base Metals Investing FREE!Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.