* Dalian iron ore prices rise for a third straight session
* Spot 62% iron ore unchanged at $109.5 per tonne
* China to complete local government special bond issuance
BEIJING, July 30 (Reuters) - Iron ore and steel futures in
China inched higher on Thursday as Beijing aimed to complete
local government special bonds issue by end-October, which is
seen as a stimulus for infrastructure projects.
China has set the annual local government special bonds
issue quota at 3.75 trillion yuan ($536.06 billion) this year.
The finance ministry granted local governments the autonomy to
use the proceeds, if they have a shortage of infrastructure
The most active iron ore futures on the Dalian Commodity
Exchange, for September delivery, rose for a third
straight session, up 0.8% at 838 yuan ($119.79) per tonne as of
October delivery steel rebar, used as construction material,
rose 0.5% to 3,765 yuan per tonne on the Shanghai Futures
Hot-rolled coils rose 0.5% to 3,794 yuan a tonne.
* Spot prices of iron ore with 62% iron content for delivery
to China was unchanged at $109.5 per tonne on Wednesday from the
previous session. <SH-CCN-IRNOR62>
* Shanghai stainless steel jumped 1.3% to 13,915
yuan a tonne.
* Dalian coking coal fell 1.4% and coke
inched 0.2% lower.
* Rio Tinto believes China has had a sharp recovery
from the COVID-19 economic slump, Chief Executive Jean-Sébastien
Jacques said on Wednesday after the world's top iron ore miner
reported stronger than expected half-year earnings.
* Miner Fortescue Metals Group on Thursday beat its
full-year iron ore estimates with record shipments in the fourth
quarter on the back of strong demand for the steel-making
ingredient from China.
($1 = 6.9955 Chinese yuan renminbi)
(Reporting by Min Zhang and Tom Daly;
Editing by Vinay Dwivedi)