Futures for the steelmaking material dropped by as much as 1.9% to $94.10 per ton in Singapore, marking the lowest intraday level since early July 2025. In Dalian, the leading contract fell nearly 3%.
According to Bloomberg News, Vitol Group and Cargill Inc. have ceased business dealings with Radiant World, a privately owned firm, due to issues surrounding fraudulent invoices.
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Additionally, Intesa Sanpaolo SpA and Jefferies Financial Group Inc.’s Point Bonita Fund are reassessing their exposures to the company. Radiant World—having developed into a key market player in recent years—has stated that these claims are “categorically untrue”.
The iron ore market was already under pressure due to concerns over weakening fundamentals in the steel industry. Chinese mill margins have further declined over the past week, and hot metal production has dropped for the fourth consecutive week. In China, construction activity has fallen to its lowest point since the pandemic began, and factory output contracted in July for the first time in five months.
In light of the Radiant World report, traders are advised to stay vigilant for any changes in liquidity, as indicated by Bancy Bai, an analyst at Horizon Insights. “There have been no obvious anomalies noted in the spot market so far,” she stated.
Benchmark futures for ore with 61% content fell 1.6% to $94.35 per ton at 10:41 a.m. local time, following a series of three monthly losses, the longest such streak in over a year. Yuan-priced steel contracts in Shanghai also experienced declines.
