South Korean markets, opening after a long weekend, were dented by concerns about slower growth in China, its biggest trading partner, as well as over rising Delta variant cases
Construction steel rebar on the Shanghai Futures Exchange fell 1%, while hot-rolled coil slipped 0.3%. Still, Shanghai's most-traded steel contracts are among this year's top gainers in China's ferrous metals complex.
Since the last meeting, the government has introduced new measures to cool the red-hot housing market which should make it easier for the central bank to maintain its stimulus.
It is the latest indicator to point to robust economic growth in the January-March quarter, after recent data showed Chinese manufacturing activity was strong last month.
Tuesday's figures from Australia and New Zealand Banking Group showed total job ads grew 7.4% in March from February, when they jumped an upwardly revised 8.8%.
"We estimate that 100,000-150,000 people will lose employment, equivalent to 0.8-1.2% of the current workforce," said Birch.