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.

Iron ore broke above $100 a ton for the first time in seven weeks as traders unwound bets that favored coking coal, adding to support from expectations for pre-holiday restocking in China and high freight costs.

A key measure of bulk-shipping rates has touched a two-year high and risks climbing further, according to analysts, as bad weather crimps the availability of Capesize vessels just as exporters ramp up delivery.

Chinese coking coal prices surged to the biggest monthly gain on record as output disruptions and tougher safety checks squeezed supplies of the crucial steelmaking raw material.

A leading executive at Radiant World’s China office has quit, according to sources familiar with the matter, as the iron ore trader comes under pressure over concerns it provided falsified documents to banks.

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.