304 Stainless:
• Provides excellent corrosion resistance.
• Ideal for chemical, marine, and other corrosive environments.
• Non to slightly magnetic.
• Most common stainless for fasteners.
Note: when cycled above 850 degrees F, 304SS gets chromium depletion (by a process called carbide precipitation); chromium combines with the carbon to form chromium carbide, which is not corrosion resistant.
316 Stainless:
• Contains molybdenum for more corrosion-resistance than 304SS.
• Withstands many chemical and solvents, even pitting caused by chlorides (such as in paper mills).
• Non to slightly magnetic.