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Otherwise it seems like it takes a thread that’s normally, or at least very often, in steel and replaceable and makes it both non replaceable and from a weaker material.
Manufacturers don't usually specify a high strength steel for chainring nuts, but they make their tarty chainrings from 7075T6. If the steel fasteners aren't at least grade 8.8 (and they probably aren't) then the aluminium is just as strong.
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aluminium is just as strong.
Regardless of the grade of ali?
Just that I’ve dealt with several many seized and sheared ali chainring bolts but all that seems to go wrong with steel ones is rounding the allen wrench fitting. And I suppose occasionally they do get a bit rusty.
TLDR: I’ve had more hassle from aluminium than steel in this application so my anecdata says steel is better.
Does it though? I can see the functional advantage if the bcd is large enough and tooth count small enough that the chainring nut would be in the way. Otherwise it seems like it takes a thread that’s normally, or at least very often, in steel and replaceable and makes it both non replaceable and from a weaker material.