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I happen to work with 316L stainless steel which is also known as "surgical grade stainless steel". We in the pharmaceutical business use it to make product contact parts/equipment/tanks, since it will be subjected to harsh chemical environments. Here is a description of 316:

Type 316 is austenitic, non-magnetic, and thermally nonhardenable stainless steel. The carbon content is held to 0.08% maximum, while the nickel content is increased slightly than w/ 304. What distinguishes Type 316 from Type 304 is the addition of molybdenum up to a maximum of 3%.
Molybdenum increases the corrosion resistance of this chromium-nickel alloy to withstand attack by many industrial chemicals and solvents, and, in particular, inhibits pitting caused by chlorides. As such, molybdenum is one of the single most useful alloying additives in the fight against corrosion.

By virtue of the molybdenum addition, Type 316 can withstand corrosive attack by sodium and calcium brines, hypochlorite solutions, phosphoric acid; and the sulfite liquors and sulfurous acids used in the paper pulp industry. This alloy, therefore, is specified for industrial equipment that handles the corrosive process chemicals used to produce inks, rayons, photographic chemicals, paper, textiles, bleaches, and rubber. Type 316 is also used extensively for surgical implants within the hostile environment of the body.

Type 316 is the main stainless used in the marine environment, with the exception of fasteners and other items where strength and wear resistance are needed, then Type 304 (18-8) is typically used.

tk

RE: Yes, I also read that Rolex uses a different
: grade of steel, but as far as I know, the
: steel they use isn't more scratch resistant.
: It's only slightly more resistant to
: corrosion.