MANILA: Dalian iron ore futures hit five-week highs on Wednesday and the Singapore benchmark rose for a third straight day, buoyed by China’s additional measures to spur economic growth.

The top parliament body in China, the world’s biggest producer and consumer of steel, has approved a 1 trillion yuan ($137 billion) sovereign bond issuance, with the stepped-up stimulus sharply raising its budget deficit.

The January iron ore contract on China’s Dalian Commodity Exchange ended daytime trade 3.3% higher at 872 yuan ($119.22) per metric ton, after earlier hitting 878.50 yuan.

On the Singapore Exchange, the steelmaking ingredient’s benchmark November contract was up 0.9% at $117.10 per ton, as of 0700 GMT. Chinese steel price benchmarks also advanced, with rebar rising 2.1%, hot-rolled coil adding 1.7%, wire rod and stainless steel climbing 0.9% each.