I think we're about 1 yr out from sane ammo prices (for 9mm).
9mm is under $300 a case online for many places, and it's not just Tula steel. It's a lot of the weird offbrands that appeared during the crunch- Turan, etc; and I've seen Blazer and Geco (after coupon, about $240). I now see Fiocchi starting to pop up under $300.
For 223/556, PMC brass is showing in the mid $400's.
In short, that ammo is being made in bulk enough that it's hitting the shelves (and online sites), and is lower than prices a couple months ago. It will continue to flow in, and after awhile I think retailers will drop prices to move product. But I think there's still enough flurry of buying, that it isn't dropping quickly yet.
762x39 seems to have settled into a slot mirroring 223, which is a higher baseline than before. I don't see that shifting back.