Vineet,
There are two ways of looking at the problem, one to bench mark against and best results and second benchmark against worst conditions or results.
Copper is a "difficult-to-draw" metal, as it is ductile and in fine guage wire drawing prone to breakages. Thus die-lubricant for copper or cuprous alloys is heavily fortified with fats.In most cases the die-lubricant consists of an emulsion, where the concentrations can be as high as 20 to 25% Oil (fats ) to give ideal results. It is here that Drawmet 44 "consistently" scores over other known products in India.
For the wire drawing of low guage SS or Tungsten neat oils( in fact ISI VG 460 or 680 Cylinder oils) or even plain engine oil have been successfully used.
In your case i.e. Steel fine guage wire drawing, Drawmet 44 with 2 to 5% concentrations should suffice. The main requirement is heat removal from die ( hence water based product.) The secondary requirement, is a litte concentartion of oil, for lubricity and post wire drawing, a bit of rust protection.
Hussam Adeni