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Probably 4140.
Each manufacturer uses the material (for any part) that meets the need and can be produced easily and at an acceptable cost. With barrels, that could mean making a barrel thicker to meet requirements or making it of different steel, or whatever. Handling characteristics are important but proper functioning and safety take precedent.
Most folks think a light barrel is better, but when Winchester developed its fiberglass barrel, which was about as light as possible, shooters complained that the faster swing of the light barrel caused them to miss.
Jim
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