Baosteel and CVRD reached an agreement on the price hikes of 65 percent and 71 percent in February. And in June Baosteel and Rio Tinto which is the larg-est iron ore company in Australia reached an agreement on the price hikes of 79.88 pcrcent on the iron ore fines and 96.5 per-cent on the iron ore lumps. This is the first time that two kinds of the iron ore price grew at the same time in Asian market. On 4 July, Baosteel and the world's major iron ore producer 13HP Billiton reached an agreement the same as with Rio Tinto.According to relevant agreements, BHP Billiton's Newman iron ore fines, Yang Di iron ore fines and Newman iron ore lumps respectively rose 79.88 percent, 79.88 per-cent and 96.5 percent on the basis of 2007. This means the 2008 annual global iron ore price negotiations have basically been finished.