Scrap metal recycler Sims is looking for ways to cut costs as metal prices halve in response to sharp rises in interest rates which have temporarily curbed demand for steel, copper and aluminium after a high point was reached in March.

Chief executive Alistair Field said the group would only be able to “partially mitigate” rising inflationary costs and softening demand. But he said the company was in a strong position to withstand a downturn because it had introduced centralised live trading systems and been disciplined in acquisitions in the past year.