For a fifth day, Iron ore rose as the Chinese government ramped up economic support aimed at stimulating its vital construction and property industries.

This week the vital steel-making ore has seen its price rally roughly 8% this week, as investors grew optimistic over demand in infrastructure, and a seasonal demand for construction began, which usually lasts through the end of October. Investors also noted other positive signs, including new data which shows that in August, new home prices increased in 17 cities, as China invested cash into markets for the 10th month in a row and cut reserve requirements for lenders for the second time this year to encourage lending.

Meanwhile, according to data from Steelhome, stockpiles of iron ore in ports have dropped to their lowest levels in over three years.

In August, output of steel products increased 11% year over year in August, indicating a strong demand for iron ore.

In a note, Huatai Futures wrote that it saw a seasonal pickup, strong cost support, exports remaining strong, and low overall inventory levels as all part of a broad range of strong fundamentals for the metal ore.

Iron ore rose 1.7% to $122.70 per ton in Singapore by 2:35 PM local time after rising to $123.10 earlier, its highest level since April 3rd. In Dalian, futures climbed 1.3% as hot rolled coil and rebar were up in Shanghai.

However there are analysts who do not think the rally in iron ore will prove long-lasting. In a note, economists at Capital Economics warned that prices of the ore, “will soon go into reverse” slipping back to under $100 per ton.

At the same time on the London Metal Exchange, copper is on track for its largest weekly gain in two months, sitting 0.8% higher at $8,487.50 per ton. Aluminum inched lower.