High grade stainless will take quite some time to break down but as far as frag racks or holders go, the plastic ones recommended in this thread are a better bet. I use a pair of low quality stainless forceps to pull algae & do other periodic tasks in my tank & although they're showing signs of starting to corrode, I haven't noted any adverse effects on my livestock. I doubt that a little iron is going to do much harm, it's not copper & after all, people run GFO (granulated ferric oxide) to absorb phosphates from their tank water. Ferric pretty much means iron. Also, if anyone runs an internal return pump, particularly a Mag, be advised the screws holding the volute to the pump are stainless steel. I ran one of these for quite a while on a Remora C skimmer & although the screws discoloured, they didn't really corrode. A little bit of rubbing got them shiny again pretty quick.
Anyhow, as mentioned, for something to hold chaeto, the plastic option is probably just as easy to find, cheaper & will work just as well.
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