The first article Dave posted was one of the main articles I read and used for trying to come up with a planished/russia iron replica. It is one of the best descriptions of why it looks the way it does. And in it he quotes a gentleman who gave me the clue that the blue that model railroad manufacturers use to mimic it is due to reflections on the iron as opposed to the color itself.
And I will stand by my argument that powder blue is not one of the colors of planished iron until someone can actually show me a sheet if iron that color. A grey with blue hues, yes, many gun bluing jobs have a blue hue rather than pure black. But they are not powder blue. I have never seen locomotive in real life that is powder blue planished iron.
Planished or Russia iron is an interesting rabbit hole to go down. And since a great number of our older locomotives used planished jackets its a worthy discussion