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M4 is a M6 steel that has been rolled down to 0.011? opposed to the standard M6 that is 0.014? thick.
Should "sound" essentially the same, aside from the 5% loss of bass, which you "fix" by stacking 5% higher, but that's silly if the stuff also costs more per pound.
Core losses will be different. But core loss has not been a primary factor in audio iron design since the 1940s.
The refined silicon irons have core loss typically smaller than copper loss. Core loss is a function of Gauss, which means that at the very high Gauss used in commercial
power transformers, core loss can be an issue. In audio, we run very low peak gauss (and super low average Gauss) for low Distortion. Core loss really should not matter. For most designs, it doesn't hurt, and for a few designs a little damping may help.
Rupert Neve had a theory that the rust is important. We used to insulate with shellac, but carefully grown iron oxide is a good-enuff insulator and thinner too. There are several varieties of oxide treatments listed on a link above, but none of them are "pickled in fine wine and aged in rosewood sawdust".
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The M4 is also more expensive and harder to get in the US.
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That is crazy!!! We really cant source M6 down here {Brasil} but M4 is everywhere!
The tradeoffs between 0.011" and 0.014" are along a broad minimum, and you could pick either size for any design and get essentially the same result. It sounds like, for whatever historical reason, some dominant US supplier has a big machine turning out 0.014", the Brazillian market has focused on 0.011". Could be cost of fuel, labor, or even over-supply of 0.011" machinery not bought by US iron-mongers.
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stacking machines down to EI375 (3/8" core)
I suspect, for fine audio, unless you have Permalloy/Radiometal or face a serious size (or price) problem, we should be using at least 3/8" even for line input iron. What does a square-stack of plain-steel EL375 cost? Just roughly, and whatever you think it costs, "double it and add a nickle" before you say a cost here. Unless lams cost a lot more per pound than fine beef-steak, I bet we should start with a quarter-pounder for almost any audio purpose.