Faster waves cover more distance in the same period of time. The speed of any wave depends upon the properties of the medium through which the wave is traveling. Typically there are two essential types of properties which effect wave speed - inertial properties and elastic properties. The density of a medium is an example of an inertial property . Elastic properties are those properties related to the tendency of a material to either maintain its shape and not deform whenever a force or stress is applied to it.
Steel is a rigid material with a high elasticity.
A small stress on the rubber band causes a large deformation. Steel is considered to be a stiff or rigid material, whereas a rubber band is considered a flexible material. When a force is applied in an attempt to stretch or deform the material, its strong particle interactions prevent this deformation and help the material maintain its shape. The phase of matter has a tremendous impact upon the elastic properties of the medium. In general, solids have the strongest interactions between particles, followed by liquids and then gases.