Nickle Market price effect the stainless steel significantly

Recession fears dominated the market, commodities fell collectively, and nickel prices also showed significant pressure. In terms of industry, the weak terminal demand continued to be transmitted upstream.

The price of nickel ore in Indonesia dropped sharply, the transaction of ferronickel weakened this week, and the price of nickel continued to be under pressure.

1. ECB Deputy President Jean-Claude de Guindos said that if Russia cuts off natural gas supplies and the industrial sector has to adapt to energy shortages, the euro zone economy could fall into recession.

2. U.S. factory orders in May rose 1.6% month-on-month, expected to rise 0.5%, and the previous value was revised from a rise of 0.3% to a rise of 0.7%