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That wear spot doesn't effect the use, only the looks. If this is the only defect, you can repair it by filling with an epoxy. Use an epoxy that has a metal filler that will make a tough repair. Make sure to prepare according to the epoxies instructions for proper bond.
Do not weld it as it requires procedures that pretty much most welding shops have no experience with! Your money would be better spent on a new/used one or a cosmetic repair.