The price of the steel we use is of little consequence. When you start with junk you usually end up with junk. It may be very expensive and pretty, but we cannot overcome initial defects in the steel we use, they remain. Blade Smiths coming to my shop to test often bring test blades that failed while they were working to develop their skills for the test. Looking at the broken blades usually reveals serious faults, most of which were in the steel when it was made, not the fault of the blade smith other than his choice of steel.
I hate to try to estimate the cost of the 52100 we use from Rex. By the time we have it worked the 5 1/2 inch round bars down to billets to make knives, usually1 1/2 x 3/4 inch stock we have invested a lot of time, propane, and sweat. I consicer the investement in the origonal steel well worth the cost.
One 1 inch by 2 inch billet of steel laying on my bench has been subject to over 50 thermal cycles
When developing the initial skills anything is OK, I forged blades from scrap that would not harden, my only goal was to develop forging skills. I practiced hardening skills with a piece of mild steel that was cycled through the quenchung process at least 50 times until I felt I was ready to harden a real knife blade. When I first started working on the real thing, I destroyed blades for over a year without puting a handle on one. Once I felt like I was able to make good knives all the time I started with some high grade 5160, then went to the ball bearings. Some of them had faults that were not obvious while making the knives.
The day Rex called me wanting me to try his steel was very probably the best day of my knife making life. I was amazed what could be acompolished when I used steel of known and consistent quality.