March 14 (Reuters) - Australian shares are set to open higher on Tuesday, with materials stocks likely to benefit from a surge in Shanghai rebar steel futures.
Investors are also watching a meeting of the U.S. Federal Reserve, which is expected to result in an interest rate hike later this week.
A nearly 6 percent jump in Shanghai rebar steel futures on Monday was supported by a pickup in seasonal demand in top consumer China that also lifted Chinese iron ore from a one-month low. local share price index futures YAPcm1 rose 0.3 percent or 17 points to 5775, a 17.7 point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 0.32 percent on Monday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat at 7,193.43 points in early trade.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB