By coincidence,
my centre stand was looking a bit grot so had it off at weekend, stripped back to bare metal, 2 coats zinc primer & 3 coats of epoxy black, ready to go back on this weekend.
Interestingly, it seems to be metal dipped with zinc/nickle/tin or something, as nice & shiny where the rust hadn't already got,
Always worth an extra coat of paint on c.stand even if yours is still gleaming~ well placed to catch the worst of the road crud/stone chips etc.
Kinda glad i've done it now after reading this thread.
Ps lubeing your c.stand bolts is on the service schedule, so no excuse for skipping.