SINGAPORE- Iron ore futures prices surged on Wednesday, as a fresh batch of policy easing measures from top consumer China lifted market sentiment, while lower global supply also lent support.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 6.32 percent higher at 723.5 yuan ($103.11) a metric ton.

The benchmark October iron ore on the Singapore Exchange was 3.23 percent higher at $97.8 a ton.

Iron ore futures rallied on hopes the measures to support the Chinese real estate market would turn around its fortunes, ANZ analysts said in a note.

The stimulus announcement boosted sentiment across domestic ferrous commodities markets, spurring a strong uptick in prices of imported iron ore on Sept. 24, said Chinese consultancy Mysteel.

On Tuesday, China’s central bank unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government’s growth target.

The property market support package included a 50-basis-point reduction in average mortgage interest rates and a cut in the minimum downpayment requirement, among other measures.