Global steel prices (free-on-board, China) are set to stabilise in calendar 2023 on-year, after falling over 40 per cent to $570-590 per tonne in December 2022 from the early-April peaks of $1,000 per tonne on tepid steel demand. Following the global trend, domestic steel prices are expected to soften only a minimal 2-4 per cent on-year (for flat steel) in fiscal 2024, after seeing a decline of over 30 per cent last December from the historical highs of April. Flat steel prices had climbed 25 per cent in just two months at the onset of the conflict between Russia and Ukraine, but cooled off due to a drop in raw material prices, imposition of export duty by the Government of India, and rising stock levels. However, prices are once again set to turn the corner as steel producers face rising input costs. Along with coking coal, domestic iron ore prices have also steadily risen since the withdrawal of export duty effective November 2022. Since then, the National Mineral Development Corporation has raised iron ore fines prices by over 30 per cent. Prices are only set to move up further, with expected healthy domestic demand in a pre-election year and improving global iron ore prices which also rose 20 per cent. Rising input costs has led integrated and secondary players to announce price hikes across segments by Rs 2,000-2,500 per tonne. Koustav Mazumdar, Associate Director-Research, CRISIL Market Intelligence and Analytics, says, “Projected demand growth at a compound annual growth rate (CAGR) of 8-9 per cent between fiscals 2023 and 2024, along with elevated coking coal prices, will keep flat steel prices propped up at Rs 60,000 per tonne in fiscal 2024. Though this represents a marginal dip of 2-4 per cent over fiscal 2023, on average, it is still considerably higher than the pre-Covid level of Rs 40,000 per tonne. Long steel prices for secondary players are also expected to see a small decline, driven by falling thermal coal prices, which, in turn, will drive primary TMT prices lower by an expected 1-3 per cent next fiscal.” The Covid-19 pandemic was no deterrent for the NCR real estate market, which remained vibrant and performed remarkably well in 2022. The region witnessed more interest from private equity players than its counterpart realty hotspot MMR.