Let me start with a quote from the article titled "Analysis of the effect of immersion rate on the distortion and residual stresses in quenched SAE 5160 steel using FEM" by RD. Lopez-Garcia et al.:
"When the steel cools down (...) at a slow cooling rate, microstructures are obtained that favors the appearance of a low level of residual stresses". Later on the authors say: "For these conditions [higher cooling rates], the predominant phase is the martensite phase, which will generate a greater magnitude of internal stresses (...)"

Here are some additional references with detailed information on this topic:
- "Analysis of residual stress in carbon steel weldment incorporating phase transformations" S. Cho et al.
- "Measurement and Prediction of Phase Transformation Kinetics in a Nuclear Steel During Rapid Thermal Cycles" G. Obasi et al
- "Finite element simulation of welding and residual stresses in a P91 steel pipe incorporating solid-state phase transformation and post-weld heat treatment" A.H. Yaghi et al.
- "Prediction and Measurement of Phase Transformations, Phase-Dependent Properties and Residual Stresses in Steels" M. Becker et al.
- "Metal Failures: Mechanisms, Analysis, Prevention" A.J. McEvily (chapter VII. Residual stresses developed in welding)
- "Developing material models for use in finite element predictions of residual stresses in ferritic steel welds" N. O’Meara

Thank you for the valuable information.

Let me go through these papers