MANILA: Iron ore futures rose on Tuesday, with the Singapore benchmark hitting its highest level in more than three weeks, as policy measures to shore up China’s sputtering economic rebound underpinned sentiment.

The steelmaking ingredient’s most-active September contract on the Singapore Exchange climbed as much as 1.2% to $108.75 per metric ton, its strongest level since July 28.

The most-traded January iron ore on China’s Dalian Commodity Exchange ended morning trade 1.5% higher at 782.50 yuan ($107.38) per ton, extending its rally to a ninth session and propelling the contract to its highest since late-July 2021.

“The implementation of macro and micro-targeted fiscal and monetary easing policy measures on a municipal and provincial level appears to be back in vogue and picking up momentum,” said Navigate Commodities managing director Atilla Widnell.

Windell cited a report saying China had permitted 12 provinces and regions to issue 1.5 trillion yuan ($206 billion) of special financing bonds.