You might be referring to wool wax, a lanolin by-product of shearing sheep wool. Discovered in WWII that applying this lanolin kept Navy ship ballast tanks and anchor chains clean and rust free. Good article about this stuff in the January 2018 issue of POCI Smoke Signals. Can be sprayed, brushed, or rolled on and is more or less clear. The commercial name is Fluid Film and available through NAPA and I suspect other auto places as well. Do a search for Fluid Film Napa and all kinds of links come up.
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