Looking for a way to protect bare steel from all that hungry oxygen about, but in a way that is a bit cleaner and less dust-attracting than mineral grease or oil, including petroleum jelly ("Vaseline"
, I found aerosol furniture-polish very effective.
I applied a liberal spray, with just the lightest rub with a soft cloth to soften the worst accumulations.
I doubt it's tough enough for outdoor protection, but indoors it's fine.. I am not sure, but I think it contains silicone.
It kept the un-painted parts of my part-built Hemingway-kit tool-grinder rust-free through its four days in the marquee annexe at last year's Midlands ME Exhibition, and that and a boring-bars set (also Hemingway kit) have over-wintered in my house – which is no dessicator – since with only the merest touch of rust here and there.
Another very good steel protective, and kind to the hands, is straight Lanolin ("wool fat"
, though I am not sure how obtainable this is now.
For owners of miniature traction-engines fitted with full winding-gear, lanolin solution in white spirit or meths (I forget which, perhaps both) was an old, well-tried way to protect small-diameter steel-wire rope. The solvent eventually evaporates, but not before transporting the wool-fat well into the rope. You can buy spray-on cable-grease but it's pretty unpleasant stuff and possibly no better than ordinary grease or heavy oil for most of our applications. I first encountered this use for lanolin, in protecting the wire stiles of caving ladders, where you are very likely to get some of the grease on your clothes and hands.