This is the only rule (that I can find) which might be applicable, from the current rifle rules.
Quote:
5.5.4 Metal piercing, incendiary and/or tracer ammunition is prohibited at
USPSA matches.
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The thing is, almost all centerfire rifle ammunition is "metal piercing," depending on what kind of metal you're talking about. A steel core does not necessarily make it more capable of piercing metal than any other, so I assume it would have to depend on who is enforcing the rule, why, and the specific ammo in question.
Plus there is a lot of ammo out there with a mild steel jacket plated with copper (S&B .223 is an example). It's no more "metal piercing" than any other .223 at the same speed, but it will definitely fail a magnet test, and it also sucks for serious use because it won't fragment after it yaws, regardless of the velocity.
I also was thinking of other uses for it (not match shooting), so I probably should have said so.