Mr.R wroteThe later 900 Monsters came with a steel swingingarm.
Steve R
...and all M600s and M750s had steel arms too. I'm not sure if the M900 arm was wider to take the 5.5" wheel (600s and 750s had a 4.5" wheel) but I think that's unlikely.
My assumption is that Ducati had a stock of steel arms and didn't want to get more alloy ones manufactured ahead of the new injected Monster and ST range, so they bunged a steel arm on all carby Monsters at the end of its production life.