(Bloomberg) -- Iron ore rallied strongly for a second day on speculation that China’s mammoth stimulus package would help to bolster demand.

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The steelmaking material briefly rose above $99 a ton in Singapore before paring gains, after closing almost 6% higher in the previous session. Beijing unveiled a broad suite of measures on Tuesday to support Asia’s largest economy, with a particular focus on steps to revive the real estate market.

The rebound in the steel-making staple has raised the possibility that prices may have the momentum to push back into three figures. However, iron ore is still down by more than a fifth since late May on China’s economic slowdown, a crisis rippling across the nation’s vast steel industry, and robust supplies of ore from leading producers in Brazil and Australia.

Iron ore rose 3.2% to $97.75 a ton in Singapore as of 9:56 a.m. local time after being up almost 5%. Chinese futures were also up more than 3% in Dalian, while steel contracts advanced in Shanghai.

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