Australian shares edged lower on Thursday, as mining stocks fell after steel prices dropped due to sluggish downstream demand, though gains in Sydney Airport after regulators approved its buyout offset some of the losses.
The S&P/ASX 200 index was down 0.1% at 7,394.9 by 1156 GMT. The benchmark had risen 1.3% on Wednesday.
Sydney Airport, up 3%, was one of the top gainers on the benchmark, after the country's competition regulator approved its A$23.6 billion ($16.92 billion) takeover.
Among sub indexes, mining stocks fell 0.6%. Heavyweights BHP Group , Rio Tinto and Fortescue Metals all fell between 0.7% and 1.3%.
They were tracking a downturn in Chinese stainless steel futures, which dropped to their lowest in more than three months on Wednesday.
Lithium developer Vulcan Energy was a bright spot, gaining over 11% after it secured Volkswagen as an additional car industry customer for its environmental-friendly lithium hydroxide for automotive batteries.
Gold stocks fell 0.56% led by Ora Banda Mining Ltd , down 5.97%, followed by Auteco Minerals Ltd, losing 5.63%.
Energy stocks fell 0.52?%, with Beach Energy Ltd , down 2.17%, leading declines. Heavyweight Woodside Petroleum shed 0.7%.
In New Zealand, the benchmark was down 0.50% at 12,803.62. The top percentage losers were Synlait Milk Ltd , down 3.46%, followed by Fisher & Paykel Healthcare Corporation Ltd, losing 2.18%.
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