Cheap and nasties will be a carbon steel. Next to useless for serious work.
Good quality single- metal ones will be HSS (high speed steel) with only the toothed edge hardened.
Nothing wrong with bi- metal, though. Toothed edge will be HSS, remainder carbon steel.
In days gone by, HSS hacksaw blades were fully hardened HSS. The problem there was they shattered easily. Now it is possible to harden just the toothed edge. Great!
Good quality single- metal ones will be HSS (high speed steel) with only the toothed edge hardened.
Nothing wrong with bi- metal, though. Toothed edge will be HSS, remainder carbon steel.
In days gone by, HSS hacksaw blades were fully hardened HSS. The problem there was they shattered easily. Now it is possible to harden just the toothed edge. Great!
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Probably is a trade secret.
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high speed steel