Materials, commodities and currencies
- Iron ore | Rio Tinto reported lower than expected shipments of iron ore in Q1 2022 and warned of the risks from sustained high levels of inflation. In Q1 2021 it shipped 77.8m tonnes of iron ore and 71.5m tonnes in Q1 2022. Its plans to ramp up production in Western Australia were hampered by labour shortages and supply chain issues at the beginning of this year.
- Steel | Increased use of reclaimed steel due to high costs and sustainability targets has encouraged the British Constructional Steelwork Association to release a new model specification for steel suppliers placing reclaimed steelwork on the market.
- Sterling fell to an 18-month low against the dollar after poor economic data from the UK.
- Cranes | Supply chain issues have caused Tando, the world’s largest manufacturer of mobile cranes, to suspend production between 9th May and 13th May this year in Japan, whilst other factories in Germany suspended production on some lines on 12th April.