Australian stocks fell on Wednesday, slipping from a record high close in the previous session, as shares in iron ore giant Rio Tinto dropped on broader weakness in the sector, while Woodside gained after the energy major raised annual output estimates.

The S&P/ASX 200 index fell 0.3% to 8,293.1, as of 0012 GMT. The benchmark rose 0.8% on Tuesday.

Miners lost 0.9%, with iron ore prices falling on a softer global steel demand.

Rio Tinto fell 1.4%, in line with the mining subindex, despite posting higher quarterly output.

Other miners BHP and Fortescue shed 1.4% and 0.1%, respectively.

Woodside rose as much as 1.5%, after the country’s biggest energy company marginally raised annual output expectations following a record quarterly production.

Energy stocks retreated 0.5% after oil prices plunged on weak demand outlook and easing of supply disruptions.

Santos fell 1.6%. Financials rose 0.4%, with the “Big Four” banks gaining between 0.4% and 0.8%.

Evolution Mining, up 4.3%, topped gains on the benchmark, after the gold miner reported higher first-quarter production.

The gold sub-index rose 1.9%, helped by higher bullion prices.

The world’s biggest listed miner, BHP, will announce its first-quarter production report on Thursday, along with Australia’s second-largest energy firm Santos.

Investors will be watching the Australian employment figures for September this week for cues on the interest rate path of the Reserve Bank of Australia, which has not ruled out a future rate hike, according to its latest policy meeting minutes.

Australia shares touch record high, Ampol top loser on benchmark

The New Zealand benchmark S&P/NZX 50 index fell 0.5% to 12,781.78.

The country’s annual inflation has finally returned to the Reserve Bank of New Zealand’s target range of 1%-3% in the third quarter at 2.2%, a potential push for the central bank to continue with its rate cuts.