In article , Brent Philion says...

Is it just mild steel or something a little more resisitant to oxidizing?

The best ones are copper, which is iron-plated, then tinned with
solder. The iron plating renders the copper proof against oxidation.

This is why one should use natural sea sponges for the stand, not
cellulose ones. The synthetic ones tend to degrade the iron plating,
if over-wiped.

Wipe the tip immediately before using, and if the iron is to
lay idle for a time, tin before putting it back in the stand,
and do *not* wipe it.

Jim


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