BEIJING, Aug 2 (Reuters) - Chinese ferrous futures fell on Monday, with steel rebar and hot rolled coils both plunging some 6%, after Beijing updated its stance on carbon reduction work, raising worries of an adjustment in output cuts.
A Politburo meeting chaired by President Xi Jinping on Friday said China should avoid "campaign-style" carbon reduction efforts.
While there were some places blindly launched projects with high emissions and energy consumption, there were others that "over-reacted" and made emission-cut plans too early, state media Xinhua said in a commentary, adding that such an attempt could affect normal economic development.
"The requirement (by Politburo) could revise the crude steel output cut task, and possibly have a strong impact on steel prices in the short term," analysts with Haitong Futures said in a note.
Both steel rebar and hot rolled coils are set to post their biggest percentage loss in ten weeks.
The most-traded construction rebar on the Shanghai Futures Exchange, for October delivery, slumped as much as 6.4% to 5,367 yuan ($829.89) per tonne. They were down 5.8%, as of 0208 GMT.
Hot rolled coils on the Shanghai bourse, used in cars and home appliances, dived 5.7% to 55,780 yuan a tonne, after falling 6.5% earlier.
Stainless steel futures, for September delivery, fell 2.9% to 19,315 yuan per tonne.
Raw material prices on the Dalian Commodity Exchange also declined.
Benchmark iron ore futures extended losses into a fifth straight session, down 1.9% at 1,043 yuan a tonne.
Spot prices of iron ore, with 62% iron content for delivery
to China, dropped $12.5 to $185 a tonne on Friday, the lowest
since May 26, according to SteelHome consultancy.
Dalian coking coal futures faltered 1.7% to 2,254 yuan a tonne and coke slipped 1.8% to 2,876 yuan per tonne.
($1 = 6.4671 Chinese yuan renminbi) (Reporting by Min Zhang and Shivani Singh; Editing by Amy Caren Daniel)