Some people always wonder if steel can be melted fast without heat. Yes you can melt steal with a liquid and thus is the process.
Steel can be dissolved with a diluted solution of nitric acid and water. The chemical make up of nitric acid reacts to the iron in steel, producing iron nitrate and hydrogen gas. As this chemical reaction takes place, the steel begins to dissolve.
It's important to note also there are specific acid that eats/burns the metal very quickly and a hot solution of alum (ammonium aluminum sulfate), which is available in the kitchen or your local market, will dissolve the steel drill bit without reacting with the brass.
Hydrochloric acid will burn right through a metal too.
https://hackaday.com/2015/08/03/dissolve-steel-drill-bits-in-alum-from-the-grocery/