March 21 (Reuters) - Australian shares are poised to open lower on Thursday, as a sharp drop in iron ore prices is likely to weigh mining stocks, with heavyweights Rio Tinto (LON:RIO) Ltd RIO.AX and Fortescue Metals Group Ltd FMG.AX likely to extend their declines.
China's iron ore futures plunged nearly 6 percent on Wednesday, on expectation of higher supply as Brazil's Vale SA VALE3.SA is set to resume work at its largest iron ore mine in Minas Gerais state. IRONORE/
The local share price index futures YAPcm1 fell 0.1 percent or 4 points to 6,170, a 4.7-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 0.3 percent on Wednesday.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.1 percent at 2105 GMT.