BEIJING- Iron ore futures prices rallied for a fourth straight session on Friday and eyed a weekly gain of over 10 percent, underpinned by fresh interest rates cuts in top consumer China and expectations of more fiscal and property stimulus.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 4.38 percent higher at 750 yuan ($106.94) a metric ton, its highest level since Sept. 2. The contract has jumped 12.2 percent so far this week.

The benchmark October iron ore contract on the Singapore Exchange jumped 3.38 percent to $101.85 a ton, and has risen 13.8 percent this week. It hit its highest since Aug. 7 at $103.1 a ton earlier.

On Friday, China’s central bank announced a cut in the reserve requirement ratio (RRR) – the amount of cash that banks must hold as reserves – the second reduction this year aimed at bolstering faltering economic growth.

It also lowered seven-day reverse repurchase agreements effective from Friday.

Additionally, China’s pledge to deploy “necessary fiscal spending” to meet the 2024 economic growth target of roughly 5 percent raised market expectations for fresh fiscal stimulus.