The best replacement for steel shafts is graphite shafts.

The best alternatives to steel shafts are rated as following:
★★★★★  graphite shafts
★★  graphite
★★  graphite irons
★  stiff graphite
★  graphfit
  stiff

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Speaking about steel shafts, one probably shouldn't forget about graphite.

Other search terms related to steel shafts and their ratings are:
★★★★★ graphite
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