(Bloomberg) -- Iron ore spiked after China announced a series of steps to boost growth, buoying the outlook for demand in the world’s largest importer.

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Futures rallied by more than 4% in Singapore after central bank governor Pan Gongsheng said policymakers would help banks boost lending to consumers, cut the key short-term interest rate, and lower the mortgage rate for existing housing loans.

The steelmaking staple has been among the worst performing major commodities this year as China’s slowdown — especially the nation’s drawn-out property crisis — has hurt demand, with mills reducing steel output. At the same time, major, low-cost miners in Australia and Brazil have been boosting supplies, driving the seaborne market into a surplus.

Futures gained as much as 4.1%, before trading 2.8% higher at $92 a ton at 9:29 a.m. in Singapore. The commodity remains more than a third lower this year.

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