i have lost two tanks of SPS from rust, most probably the heavy metals in the rust. The problem is in an SPS tank changes take time, so when u see decline u start with the obvious, water changes, carbon, RO , salt mix , all parameters etc. it took me about two months of trying everything only to end up with my SPS dying. I've been reefing for 10 years and only twice have I lost SPS in a big way, each time I've found something rusting. All the other issues where easy to catch.
Next time I see a decent decline I'm rust hunting first!
My first rust issue was a pump and this time it was a light in the sump that copped spray and slowly leaked toxic oozzz into my wonderland.