Rio Tinto Group, the world’s top iron ore exporter, sees increased stimulus measures in China driving the broader economy into a gradual recovery this year.

China’s economy started to show signs of stabilizing early in the fourth quarter as increased spending on infrastructure and manufacturing helped offset prolonged weakness in the beleaguered property sector, Rio said in a statement Tuesday. Recovery in 2024 will be weighted toward the second half, with the real estate sector remaining weak, it said.

While prices of iron ore closed 2023 about 20% higher, they’ve lost about 8% so far this year amid lingering concerns about lackluster Chinese demand as well as the nation’s struggling property sector. The biggest metals-consuming nation’s disappointing post-pandemic recovery has put downward pressure on steel demand and iron ore prices.

 “There is good demand for the materials we produce, and our purpose and long-term strategy make more sense than ever,” chief executive officer Jakob Stausholm said in the statement.