How Glencore became entangled in $2.8b battle with an iron ore trader
by Ortenca Aliaj · Australian Financial ReviewOrtenca Aliaj
Sep 20, 2026 – 8.41am
In the summer of 2021, Radiant World had run into trouble.
Iron ore prices had shot up on booming demand from Chinese steelmakers, just as Radiant and its affiliates had placed a big bet they would fall. Within days they were facing down a $US1.1 billion ($1.5 billion) loss payable to Glencore, its counterparty on the trade, according to a lawsuit filed in Singapore last week.
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