SHANGHAI, Mar 1 (SMM) – The final purchasing managers' index (PMI) for downstream nickel industries in February stood at 38.4, better than expected, SMM data showed.

The overall production index in February stood at 35.5, with fewer stainless steel plants closed for maintenance during the Chinese New Year holiday. Suspended production for the holiday also affected the production indexes of alloy, galvanising and battery plants. 

The new orders index in February remained low and unchanged from January, at 26.8, with declines in new orders across various industries.

The index for finished products inventory rose to 62.8, higher than in January, with less pressure from the increase in steel products inventories.

The preliminary PMI in March stood at 61.1, up 22.73 from February as new orders and production are set to pick up.

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