China typically accounts for more than 90% of overall shipments of iron ore from India.

The US, UK, Germany, France, Canada, Japan and Italy agreed on the date after talks on Monday held under Italy’s presidency.

Demand for gold from India could stand between 700 metric tons and 800 metric tons in 2024.

In June 2023, the BOK said it was more desirable to maintain dollar liquidity than boost its gold holdings.

Iron ore has had a bumpy ride this year, slumping by almost a third in the first quarter on concerns over weakening Chinese demand.

Freeport Indonesia's chief executive has previously said that it may have to slash copper ore output by 40% this year.

The firm has bought stakes in three nickel processing plants, and is weighing an initial public offering of the unit.