The kitchen cup drying rack is made of thick 304 stainless steel wire, which means it won't rust. There may be cheaper options, but they'll be made of chrome or cheap stainless steel and will turn into a rusty mess in a few weeks.
304 stainless steel is most widely used in food equipment, general equipment, and atomic energy industrial equipment. 304 stainless steel has better corrosion resistance and a higher price than 201,202,301 stainless steel.