AP ammunition laws are a mess to read through, and have some inconsistencies in them. For example, the military SS109 semi armor piercing steel core projectile is exempted by name. Tungsten bullets, as well as many types of steel core, are banned. With gold being priced out of the market, these two metals that one could make bullets out of are entirely impractical or illegal. There are commercially available jacket aluminum, copper solid, bronze solid, and steel core bullets. Steel however is quite regulated, and IIRC an all steel projectile is illegal if it exceeds .10 caliber. SS109 is legal, but mild steel core norinco is not.