Iron ore prices continued to rise for the third day in a row, supported by the Chinese authorities indicating the possibility of taking further measures to stimulate the economy, especially with regard to the faltering real estate sector.

The prices of iron ore futures traded in Singapore rose by 0.6% to $142.60 per ton, while their counterparts traded on the Chinese Dalian Stock Exchange rose 1.7%, while the prices of steel and rolled iron remained stable on the Shanghai Stock Exchange.

Chinese President Xi Jinping said in a television speech last Sunday that Beijing will work to enhance the momentum of economic recovery and achieve long-term economic development.

Chinese media reported, citing the chief economist at the state-owned China Securities Finance Company, that the central bank will continue to reduce interest rates and bank reserve ratios this year, and urge the authorities in his country to take more supportive economic policies.

Huatai Futures explained in a note that investors’ expectations regarding China taking further economic measures at the macro level, and the continued momentum of demand for iron ore as factories move to the winter storage season, are all factors that support the continued rise in prices.