I guess it just depends on what ya consider GOOD steel for a knife. To me all RR spikes are manure steel.. Never-the-less, the high carbon steel (which are Barely to the grade) are called "Prime Grade" spikes & the other clunker that are generally made from sardine cans & washing machine scrap are called "Industrial Grade",
Basically, both spikes are made from from a 48' long 5/8" or 9/16" square rod of steel, taken thru a electric induction coil, heated read hot, a clamp grabs the rod & a hydraulic hammer with a die hits the top of the rod & that forms the head & then it is is pinched off & that makes the point. It goes down a conveyer belt & it water quenched & then onto another conveyer belt & into a bucket that is on a vibrating table, and every so many load (by weight) & there is a slight break in the line of production to start filling another bucket (actually called Kegs). The dia. of the spike is dependent on the size of the rod used & what the machine will accomodate. Some machines will make several sizes, some will make only 1 size. Spikes are very expensive to make & the large RR's will take them & test them to check grade & quality & will not buy them if they fail the tests & inspections. You can have 300,000 kegs of Prime Spikes made & if they fail the tests you will loose Thousands of $ as now because they may be just barely below grade, they now sell for 35% less as Industrial Grade & you just lost you a$$........ :shake:
But for making knives from them, IMHO, I would not waste my time. Why do all of that work & trouble on lousy steel when for under $10 you have have a Great piece of steel & have something worth of you work & talent ....... :thumbsup: