Rust is the natural state of iron (ferrous oxide). Rust occurs when an exposed area of a ferrous (iron-containing) alloy (like steel) drops below a pH of about 8.2 or 8.3. Rust inhibitors provide an environment that combats the pH drop on the surface - thereby protecting and preserving the surface finish. Different types of rust inhibitors provide different ways and durations of corrosion protection. By the way -
water is the culprit that starts the rusting process. The water doesn't even have to be in a liquid state - it can be the humidity in the air. That is one reason cars in Chicago rust faster than cars in Phoenix - because Phoenix has very low atmospheric humidity compared to Chicago. Hope this helps.
Ok. I stole this from a chemistry forum.
First thing you need to do is test the pH of your clay. That will determine the propensity of the clay to oxidize metal in contact with it.
If your metal stove pipe is coated with a protective barrier, like hi temp paint, and then covered in your
cob to insulate it from humidity, I would think it is much less likely to rust.