(Bloomberg) -- Iron ore headed for the biggest weekly gain since April — with futures topping $100 a ton — after policymakers in China unveiled a blitz of initiatives to support growth in the largest user of the steel-making ingredient.

Most Read from Bloomberg

• Vanderbilt Leases Struggling NYC Seminary for Campus Expansion

• NJ Transit, Amtrak Trains Delayed After Derailment Near NYC

• Where Cargo Bikes Are Freeing Cities From Polluting Vans

• Exclusive Palo Alto Girls School Borrows $106 Million

• Waiting for the Miracle of Church-to-Housing Development

Futures gained for a fourth day in Singapore, and are up more than 11% this week, joining a broad rally that’s lifted most risk assets including many commodities.

On Tuesday, the People’s Bank of China announced a slew of measures to aid the economy, including the steel-intensive property sector. That was followed on Thursday by a report that the 24-man Politburo concluded with a promise to strive to achieve the country’s annual economic goals.

The week’s surge has pared a quarterly loss fueled by concerns that China’s slowdown — especially the drag from a drawn-out property crisis — was hurting demand for steel. The nation’s mills had sounded the alarm about increasingly tough conditions, spurring expectations that Beijing would respond by doing more to support the economy.

Futures rose 3.5% to $101.95 a ton at 2:24 p.m. in Singapore, on course for the highest close since August. In China, yuan-priced contracts climbed in Dalian, while steel futures gained in Shanghai.

Most Read from Bloomberg Businessweek

• Inside Activision and Blizzard’s Corporate Warcraft

• The End of the Cheap Burger

• This Camera Went Viral Two Years Ago. You Still Can’t Buy One

• How Harris’ Campaign Finally Made Biden’s Meme Strategy Work

• Palantir’s CEO and Wall Street Annoy Each Other Straight to the Bank

©2024 Bloomberg L.P.