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316 grade stainless steel is an austenitic stainless steel with a molybdenum concentration of 2% to 3%. The addition of molybdenum improves the metal's resistance to pitting and corrosion, as well as its resilience to high temperatures. Grade Stainless Steel 316 Wire, like 304, has a lot of chromium and nickel. Silicon, manganese, and carbon are also present in 316, but iron makes up the majority of the composition.