I just go to Home Depot and buy the sawhorse hinges for $7 and a couple of 2X4's . Cost a total of $12 you can adjust the hight easily, its light weight, will not scratch up everthing, will not Ricochet like a steel stand, folds up, you can change the width in seconds to hang multable targets the wood will hold up to massive hits ( I shot one of the legs 30 times at 100 yards with .233 and it held.
The BEST (chains are a joke and cut easy) rope to hang your steel is the cheap tow rope at Autozone $9 or other car stores. It is hollow inside like a Chinese finger trap. They sale two types. The one that works you can easily open it up from the side with you finger. Bullets spread it open and pass right through. You can cut it with a pocket knife, and open it up with you finger and slide the bolt through.
I shoot full auto matches and the rope gets hit alot and it does nothing
I have used every type of stand around and the above is the most sturdy, lightest, and the cheapest out there.
Remember for shooting 1000 + its nice to have the plate SWING not just move for one second like a single stand mount. On days with high marage you can see the plate swinging after a hit. On a non rope mount its sometimes a hard call.
The picture with my finger through the rope you can see dozens of rope hits with very little damage. The ropes on the skull are around 3 years old and its been used at 3 gun matches with a max distance of a 100 yards. My Estimate is around 3000 rounds on the same ropes. On the upper part of the rope you can see a single grey dot, that is the damage of a single rope hit.
To make you steel ring don't pinch it with the bolts, choose a bolt with no threads near the head and mount like the picture. There is very little contact area, and the plate is loose, and can move freely and make a better "dong" sound that we all love so well.
My wife is still looking for her yoga matt bag. LOL
There are a lot of needless heavy contraptions out there
Workforce 10-Compartment Sawhorse Bracket-SH107 at The Home Depot
Keeper® 02859 - Tow Rope | O'Reilly Auto Parts