I am looking for a cost effective (cheap) softer alternative to nickel plate on a mild steel (C1008) electrical contact. The contact can experience voltages to 600VAC and current to 38A.
Will this steel connector be carrying current? Steel is not typically used to carry electical current, since its conductivity is much lower than copper, aluminum, brass, etc.
If you stick with the steel contact, I suggest either brass or bronze plating. Both are more wear-resistant than copper and better conductors than steel.
A bronze of 10-12% tin looks great (like gold) and is sometimes used for bearing surfaces.