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I have never had any of my sizers, expanders, nor NOE tooling die bodies rust… but that may be how I naturally tend to take care of my tooling and reloading equipment…
I agree with you that all of the NOE Top Punches appear to be made of machinable non magnetic type of material.
Quite possibly a good quality of machinable Aluminum alloy … As the top punches do not need to basically take the stresses that the sizers & other tooling from NOE does… in sizing cast bullet product…
But then the top punches themselves were I believe not queried about … as to their composition…
Attached is a link to a basic reference file on carbon steel vs stainless steel… from one of the larger metal companies …if you want or need more technical data… on different steel types…
https://www.metalsupermarkets.com/difference-between-carbon-stainless-steel/
Stainless does tend to cost a bit more than carbon steel… due to the other component elements utilized in the making stainless steel… in the first place.
If you want to know any more details on the type of materials used in the NOE sizers and expanders construction … call up or possibly email … NOE & ask …
It appears from rereading the NOE website listings on both the store & forum websites … That the actual tooling material that NOE utilizes to manufacture its sizers and expanders is not specifically spelled out on the NOE website…
Thus probably the reason for the original question arising …
NOE products for me … appear to work very well, & get the job done…