If it is stainless steel, a mild acid (like, vinegar, citric acid, bathroom spray cleaner) with a good rub with a scouring pad might be enough to dissolve the rust, or else try an abrasive polish like autosol if you have any. (edited)
Its stainless with a thin chrome paint.
IKEA sell these for like £20
If it is painted, it will need sanding and repainting, but it looks more like it is stainless steel to me.
Only chance is what said
Sand & spray.
I'd try tin foil first with car wax afterwards, worked for me although yours is rusted more than mine was. Scrunch some tin foil into a ball and rub it over the area (takes quite a bit of rubbing if I recall) (edited)
I've used the tin foil trick although just with water rather than car wax. It works fine but as you say it's a bit labour intensive.
beeswax, or margarine
Fine grade wire wool will take the rust off, but the surface will remain tarnished. Rattle can of silver spray paint to finish.
Not real stainless to rust like that. Low quality or plated.
329 grade then 180grade sandpaper. Finish with 0000 wire wool. Maybe scratch a pattern in the base like an old aircraft body. Buy a multi pack of wet as and dry sand paper as maybe cheapest option. See what it looks like. If painting use a primer and top coat. Warm spray cans in hot water will get you a great finish. (edited)
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sorted byIKEA sell these for like £20
Sand & spray.
Scrunch some tin foil into a ball and rub it over the area (takes quite a bit of rubbing if I recall) (edited)
329 grade then 180grade sandpaper. Finish with 0000 wire wool. Maybe scratch a pattern in the base like an old aircraft body. Buy a multi pack of wet as and dry sand paper as maybe cheapest option.
See what it looks like.
If painting use a primer and top coat. Warm spray cans in hot water will get you a great finish. (edited)