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Demand goes up, so does price
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Temporarily, yes. But then someone is making outlandish profit and that attracts other suppliers who step in to get their share. Competition brings prices down.
There's no reason that 7.62x39 brass cased ammo should cost much if any more than 5.56x45, other than a bit more for a heavier bullet.
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By fiat the president could decree steel jacketed ammo doesn't meet the "sporting requirement." Bingo, it's gone.
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The president could do a lot of things by fiat. Banning steel jacketed ammo would also hurt the .223 shooters.