Irons steel vs graphite shafts
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Besides the obvious physical properties of each shaft, both have their own advantages and disadvantages. For graphite, the obvious advantage compared to steel is lighter weight. The other advantage is reduced shock and stress on the golfer. Feel is subjective, but ultimately graphite is a better choice for golfers looking to avoid long term injury caused by repetitive ball striking. Flex and bend profile can be manipulated to almost any configuration required, but graphite is commonly used by golfers with lower swing speeds looking to enhance trajectory and spin. However, some touring pros use graphite to good effect in their irons with stiffer and heavier profiles.
Steel has the advantage of cost - it is considerably cheaper than graphite. Steel is more durable and has a much longer lifespan to wear and tear. Steel provides a good feel and is preferred by pros and better players looking to achieve the best combination of spin and trajectory control in a heavier weight. It's pretty much down to choice, but you either "need" one or the other depending on what you are looking to achieve.