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  • You could look into Bluing as another option. Cold bluing or Rust bluing. It's what is used on Guns and a lot of machine shop tooling.
    It offers a mild corrosion protection but you can also oil the steel afterwards for better corrosion resistance and the steel should absorb some of the oil so I don't think it would feel oily.

    However colour paint or powder is the only true viable rust proof treatment

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