What is the difference between Stainless Steel type 304 and 316?

Type 304 and 304L is a stainless steel that is non magnetic and is often used for restaurant equipment due to its rust resistant characteristics. Type 316 and 316L is a stainless that is also non magnetic and has the addition of molybdenum to further enhance it rust resistant characteristics. It is more expensive than type 304 and is frequently specified for marine use.

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