Iron Ore Rises for Third Day on China Policy Support Optimism.

Iron ore prices have risen for a third consecutive day, recovering from a 9% drop last week, due to optimism that Chinese authorities will take measures to revive the country's struggling property market. There are reports that Beijing is considering allowing local governments to purchase unsold homes using special bonds, as previous rescue packages have failed to boost the real estate market. Iron ore prices have fallen by 30% this year due to a lack of housing construction, China's economic slowdown, and a shortage of major infrastructure projects. Iron ore futures in Singapore rose 3.2% to $98.45 a ton, with a weekly gain of about 7%. [Extracted from the article]