Lead prices continued to fall and was close to 15,200 yuan/mt last Friday. According to SMM data, the costs of secondary lead smelters were around 15,000 yuan/mt last Friday, which were close to the prices of small orders. Therefore, many secondary lead smelters suspended the retail transactions last Thursday and Friday and the production enthusiasm of domestic smelters was suppressed further. In addition, the delivery of long-term orders decreased this month as the logistics services were gradually halted. Coupled with the completion of downstream restocking targets, the finished product inventory of secondary lead smelters will gradually increase. It is expected that the finished product inventory will be transferred to the social warehouses after the CNY holiday.