430 SS is a good material to use. Most automotive trim pieces in the past where made from 430. The material is magnetic but resist rust and can be polished. It will look good for yrs as one can see in the older cars. Dann
Yes, for common steel, the cutting edge will be corrupted after a while, there is no protection on the cutting edges,so it is easily corruption, it will be worse under humid condition, maybe you can apply some super quality anti-rust oil on the cutting edges, it can prevent from being rusted for some time. If without any surface finish, then, Stainless steel is the suitable option,SUS430 is of course not as good as sus304 or sus316, considering your budget, it will increase your cost. Do you think you can make this lid with SPCC, then, powder coating finish or ecoating finish, in this case, the surface won't be rusted for long long time,