I thought about 2 things that might also have an effect on ammo production besides the obvious:
1.) availability of raw materials, and
2.) existing or impending regulation of raw materials or the methods in which they are mined.
From an article on the 2nd quarter of last year, use of lead in industrial batteries are increasing and mining isn't keeping pace with demand; 10% increase from previous year and about 5% increase in other demands.
More electric cars, bikes and scooters.
1.) availability of raw materials, and
2.) existing or impending regulation of raw materials or the methods in which they are mined.
From an article on the 2nd quarter of last year, use of lead in industrial batteries are increasing and mining isn't keeping pace with demand; 10% increase from previous year and about 5% increase in other demands.
More electric cars, bikes and scooters.

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