Baosteel, on behalf of Chinese steelmakers concluded 2009 benchmark iron ore prices with Australia’s FMG through serious and adequate consultations on the basis of mutual benefits and cooperation. Under agreement, the new reference prices per dry metric ton Fe unit are $0.94 for fines and $1.00 for lump with a contract period between July 1, 2009 and December 31. Chinese steelmakers should observe the new prices in earnest and do their jobs well in line with the Adjustment and Revitalization Program on the Steel Industry.