The ramp up at Guinea’s massive Simandou iron ore project has offset supply declines elsewhere as lower prices, high freight rates and diesel costs squeeze producers, according to Macquarie Group.

Some Chinese steel mills have ignored calls to curb output and reduce inventories, leaving the sector oversupplied and struggling for profitability, according to a commentary published by the industry’s main association.

Iron ore futures in Singapore headed for the lowest month-end close in four years, as ample global supplies and elevated Chinese port stockpiles curbed demand.

Iron ore’s fall below $90 a ton has pushed as much as 170 million tons of production into losses, but prices will need to remain depressed for longer before enough supply exits to tighten the market, according to UBS Group AG.

Fortescue Ltd.’s top executives said the miner won’t rush into a deal with China’s state-backed iron ore buyer, and that any agreement must protect the company’s long-term interests as well as Australia’s.

Iron ore dropped to the lowest level in more than two years on a weaker demand outlook and rising supply through year-end.

China’s state-backed iron ore buyer and Rio Tinto Group have reached a multiyear agreement on supplies of the steel-making staple, adding to deals that the group has struck with leading global producers.

One of China’s largest private steel-making companies is moving into shipbuilding as the industry enjoys a boom in orders.

Iron ore was headed for a third straight weekly loss as ample supplies and a subdued demand outlook weighed on prices, even after Chinese trading resumed Thursday following a week-long holiday.

Iron ore miner Fortescue Ltd. said sales fell and prices were down, in a rare warning to the market as a standoff with state-backed buyer China Mineral Resources Group Co. over supply contracts and price negotiations drag on.

A US fund has filed a criminal complaint in Switzerland accusing Radiant World and related companies of fraud and money laundering, according to a US court filing, adding a new jurisdiction to the iron ore trader’s escalating legal and financial crisis.

A Singapore court appointed KPMG restructuring executives to take charge of Radiant World on Thursday, granting an application by creditor Mizuho Bank Ltd., which has accused the trader of alleged fraud linked to iron ore receivables.

Rio Tinto Group plans to expand its marketing operations to trade more metal from other producers as well as derivatives, according to people familiar with its strategy, as part of a drive by its new leader to make the business more agile.

China’s coking coal squeeze is set to persist into next year, supporting strong import demand even as efforts to revive domestic output start to cool prices.

Glencore Plc last month told Mizuho Bank Ltd. that it believes Radiant World fraudulently generated email correspondence purporting to show that the Switzerland-based commodities trader planned to pay back the Japanese lender nearly $100 million, according to a legal filing obtained by Bloomberg News.

Iron ore was headed for a weekly gain after recovering from a sharp decline earlier in the week, even as weak steel demand and shrinking mill margins weighed on the outlook.

Glencore Plc has accused Radiant World and associated companies of sending falsified invoices to lenders — just as the embattled group of traders filed a suit in Singapore seeking more than $2 billion in damages from Glencore.

China’s top iron and steel industry body has called on domestic mills to rein in production and reduce inventories as oversupply and weak demand weigh on the market.

Malaysia’s prime minister said a Singapore lawsuit involving DBS Group Holdings Ltd. filed by liquidators of four 1Malaysia Development Bhd.-linked firms is also about reclaiming the country’s credibility.

Iron ore was headed for its steepest weekly loss since June as steel mill margins deteriorated and hot metal output remained seasonally weak.