First of all, a stainless steel is a steel that has > 10.5% Chromium (Cr); this ensures development of a chrome-oxide that prevents further oxidation.
The 300 series of stainless steels differs from the 400 series in that the 300 series has both Cr and Nickel (Ni) - the 400 series has only Cr.
304 stainless steel has 18% Cr & 8% Ni.
316 stainless steel has 16% Cr, 10% Ni, & 2% Molybdenum (Mo). I believe this added Mo increases corrosion protection from chrloride-induced corrosion.
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