Iron ore climbed for a fourth day, the longest run of advances since July, on speculation the Chinese government will take measures to bolster growth, spurring demand in the world’s biggest buyer.

Ore with 62 percent content delivered to Qingdao, China, rose 3.6 percent to $71.15 a dry metric ton today, according to data by Metal Bulletin Ltd. That’s the first time the raw material traded above $70 in more than three weeks and pares this year’s slump to 47 percent.

The steel-making ingredient is set for the biggest annual loss in at least five years as BHP Billiton Ltd. (BHP), Rio Tinto Group and Vale SA (VALE5) expanded output. Gripped by a property downturn and excess capacity, China is set to grow 7.4 percent this year, the slowest expansion since 1990. To support growth, the central bank will broaden the definition of a deposit in 2015, boosting the lending capacity of Chinese banks.

Iron ore received support “after the PBOC changed its savings deposit definitions, which effectively increases funds available for commercial bank lending,” Melinda Moore, a London-based analyst at Standard Bank Plc, said before today’s price data. China will probably scrap housing purchase limits next year, adding to positive sentiment, she said in a note.

The world’s second-largest economy cut benchmark interest rates in November for the first time in more than two years to spur growth.