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As the largest iron ore consumer and steel producer, China accounted for 35% of world iron ore imports and over 25% of world steel production. Two-thirds of the iron ore market was dominated by only three companies - Australian-owned BHP Billiton Ore (BHPBIO or BHP), Rio Tinto Hamersley Iron Unit (RTHI) and Brazilian-owned Companhia Vale do Rio Doce SA (CVRD). In February 2005, following a deal between CVRD and Nippon Steel, the price of iron ore increased by 71.5%. This deal, together with the advantage of lower cost freight advantages for Australian iron ore, led BHP to ask for an extra charge from Chinese companies. Chinese steel producers strongly opposed this demand and in April 2005 the proposed price increase was dropped for the sake of future trade relations with China. However, BHP was still keen on implementing it in the future.