Australian shares are set to fall on Thursday, likely weighed down by losses in heavyweight miners after steel futures dropped on sluggish downstream demand and easing raw material prices. The local share price index futures fell 0.4%, a 15.4-point discount to the underlying S&P/ASX 200 index (.AXJO) close. New Zealand"s benchmark S&P/NZX 50 index (.NZ50) fell 0.4% in early trade. Reporting by Arundhati Dutta in Bengaluru; Editing by Shounak Dasgupta Our Standards: The Thomson Reuters Trust Principles.