I seem recall that lard (pig fat) used to be common.Need to find a lube for blanking, forming and piercing steel from .083 to .375 thick.
Presses are , 28T, 35T, 45T, 70T and 90T.
Soluble oil also goes off if not properly maintained; lard can be keep from going rancid by refrigeration when not in use. I have a bottle of lard oil (refined lard mixed with paraffin and other undisclosed petroleum based products) that is 40+ years old, stored at room temperature and does not smell any worse than it did when new – not that means anything since lard oil always smelled bad, but works very well.Lard goes rancid with exposure to air, pretty soon, things would stink. At Kaiser Steel, I think they used soluble oil.
One nice thing about soluble oil is that it gets washed away with water.Soluble oil also goes off if not properly maintained; lard can be keep from going rancid by refrigeration when not in use. I have a bottle of lard oil (refined lard mixed with paraffin and other undisclosed petroleum based products) that is 40+ years old, stored at room temperature and does not smell any worse than it did when new – not that means anything since lard oil always smelled bad, but works very well.
OP asked what could be used, and lard was (and is in some places) used for lubricating steel sheets for punching and/or drawing. by extension, other, similar substances could be used, such as vegetable shortening which is shelf stable, or even a soft (not liquid) old fashioned bar soap.