I doubt it.... I use ordinary oil to treat garden furniture
Works a treat! The stuff dries up and forms a strong protective layer. I coat everything with the stuff, chassis, axles, exposed bolt threads, brake pipe fittings.... the whole shebang. Prevents rust and seizure of bolts/nuts and such.
What trouble do you have with the magnets?
I even managed to bring this one back from the dead.... Looked absolutely spotless from the outside, perfect housing.. no corrosion, good paint... But the inside....
Got it looking like this.... and although being very noisy it works !