Radiant World Corp. and its founder are being sued in Singapore’s High Court by a local trade-finance firm, adding to mounting legal pressure on the iron ore trader.

Blue-chip firms lent their money, connections and reputations to the little-known iron ore trader. Now several of them are counting their losses.

Singaporean police raided the local office of iron ore trader Radiant World last week and questioned some of the firm’s employees, according to people familiar with the matter, part of an investigation into the company’s transactions after some counterparties raised concerns about allegedly falsified documents.

The pressure on Chinese steelmakers is likely to persist through the end of the year as elevated raw material costs compound weakness in demand.

Chinese coking coal prices are surging as supply continues to tighten after the deadly accident in the mining hub of Shanxi three months ago.

Unionized workers at BHP Group’s Port Hedland iron ore export hub in Western Australia have started rolling 24-hour strikes, escalating a pay dispute ahead of further meetings with the company.

The price of a key Chinese steel product has dropped to the lowest in almost a decade as a prolonged property downturn sapped construction demand and swelled inventories.

Radiant World is under growing pressure after two of its key banks froze its funds and major miners moved to cut ties with the iron ore trading house.

China’s main steel-industry group called for greater use of yuan-denominated index pricing in the iron ore market, saying such a shift would better reflect supply and demand in the top user of the commodity.

Iron ore traded near a 13-month low, pushing the market to levels that may threaten some higher-cost production.

Iron ore sank to the lowest level in more than a year amid concerns about a major physical trader of the commodity, which compounded existing market softness linked to a challenging demand outlook.

In a corporate presentation in December 2024, Radiant World boasted of its “diverse network” of suppliers and counterparties.

Vitol Group and Cargill Inc. have stopped trading with Radiant World, a private firm that’s rapidly risen to become one of the world’s largest iron ore traders, while Glencore Plc is no longer doing new business with the company, according to people familiar with the matter.

Iron ore rose as threat of strike action by BHP Group workers at the export hub of Port Hedland raised concerns about potential supply disruptions, although weak Chinese demand will likely cap price gains.

Unions representing workers at BHP Group’s Port Hedland operations in Western Australia are threatening rolling 24-hour strikes next week, escalating a labor dispute at the world’s largest iron ore export hub.

The trading arm of Chinese copper giant CMOC Group Ltd. is making a push into iron ore with a deal to finance a mining company in Brazil.

India’s top iron ore-producing state is increasing quality-control checks after some miners were found to be misrepresenting grades in order to pay lower royalties, according to a document seen by Bloomberg, a crackdown that could hit domestic and export sales.

Fortescue Ltd. Executive Chairman Andrew Forrest urged China and Australia to “always negotiate fairly,” as the miner faces mounting pressure from Beijing’s state-backed iron ore buyer over stalled supply negotiations.

Iron ore fell for a second day as deteriorating profit margins at Chinese steel mills and continued US-Iran hostilities clouded the demand outlook.

Workers at BHP Group’s Port Hedland operations in Western Australia staged the first strike at the company’s Pilbara iron ore hub since 2000, after last-ditch talks failed to avert industrial action.