Stainless steel alloy 316 is an extremely popular alloy, ideal for parts that require heat and corrosion resistance. It has very similar properties to 304, but possesses an even higher corrosion resistance, making it suitable for laboratory, medical, and marine environments.
316 is not magnetic. It is recommended for welding and hot forming capabilities are fair. 316 can be readily cold worked, but annealing afterwards is recommended to remove stresses.
