Why is the BlueScope Steel (ASX:BSL) share price surging?

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.