MANILA: Dalian iron ore rose on Thursday, boosting a quarterly gain that was set to be the biggest since end-2020, while the Singapore benchmark hovered around the $160 mark, as traders anticipated additional policy support to shore up China’s economy.

Further gains came for the steelmaking ingredient as Beijing on Wednesday vowed to roll out policies to stabilise the economy as soon as possible to counter downward pressure from a local COVID-19 surge and external headwinds.

The world’s biggest steel producer will make preparations for possible and greater uncertainties in the economy, according to the State Council meeting chaired by Premier Li Keqiang.

The most-traded iron ore for September delivery on China’s Dalian Commodity Exchange rose as much as 5.1% to 912.50 yuan ($143.72) a tonne, the highest since Aug. 6.

On the Singapore Exchange, the most-active May iron ore contract climbed by as much as 2.3% to $163.65 a tonne.

Spot iron ore in China traded at $155 a tonne on Wednesday, with a gain of 27% this year, based on SteelHome consultancy data.

Traders looked past uninspiring Chinese indicators such as factory activity swinging to negative territory in March and challenges facing the country’s embattled property industry, and instead focused on positive prospects.