Humidity is usually expressed relative to a temp and moisture content. The actual content is expressed as "specific" , "volumetric" or "absolute". The saturation level is expressed as "relative". Thus, a relative humidity of 100% is called "saturation" and is at that point equivalent to a dewpoint equal to the actual temp. For example, at 30F to approx 40F the relative humidity inside a 3000 psi tank is about 90-100%. The RH inside the same tank at the same temp at a pressure of 500 psi is about 20%. That is a guess but you understand it is quite low. Now, as to volumetric humidity, this is relavant because it allows us to calculate how much actual water vapor is present inside a tank at high pressure. It is on the order of 10 mg gaseous water vapor. Even should a part of this condense at very low temps it is not likely to do much damage to a steel tank. Figure on a little rust brown appearance inside the tank over a long period of exposure. If high PP O2 is present, some small amount of powder rust could form. Still, with the average good compressor set up to produce air with -60F dewpoint at 1 atm it seems unlikely that even such a small amount of rust might occur. I have not personally seen it. Most cases where rust is apparent the cause is likely the forcing of a water droplet which is present in the valve orifice. This is a matter of ordinary care but can occur on boats and some dive shops with water bath immersion. If the compressor is at fault it is because the filtration system does not contain molecular sieve. In fact, there is an existing British standard which allows a dewpoint of only about -40F. If this is the standard which is being applied then some powder rust is probable.