When another fellow and myself were running precision rifle matches, we would buy lots and LOTS of steel targets from Jake at JCSteelTargets. He had really good products, and very competitive prices.
If you do get some steel targets, you can often get FREE fire hoses if you contact the local fire department when they are done testing and getting rid of any old or leaky hoses. If someone doesn't pick them up for free, the departments usually have to pay someone to take them to recycling. When I would show up at the right time, I could take as many hoses as I wanted.
The easiest way to cut the fire hoses is with an axe, and I used a really big leather punch to put the holes in the hose for the bolts to pass through. Fire hose is the most durable target hanging material I have found...second is really thick conveyer belt. Fire hose lasts far, FAR longer than chain, cable or any metallic hanging items.