The share price of BlueScope Steel Limited (ASX: BSL) is currently up 4.4% to $21.32, making it the third-best performer on the S&P/ASX 200 Index (ASX: XJO) so far today.
The steel price has been rising amid the Russian invasion of Ukraine as well as the Chinese lockdown of some of its steel-producing regions. China is trying to limit the spread of COVID-19 cases. Russia, currently facing widespread sanctions, reportedly accounts for around 10% of the global steel trade, and Ukraine is responsible for a further 4%.
Huatai Futures analysts suggested that big buyers of steel will need to look for other suppliers.
Aluminium prices diverge as LME gains, SHFE declines amid rising inventories
Tariffs on Mexico finalised, SHFE aluminium weakens due to alumina drag
