Alloy 304 is the standard 18/8 (18% chrome, 8% nickel) austenitic stainless steel and is the most commonly used grade of stainless steels used in the wire industry. It is a non-magnetic alloy in the annealed condition but becomes magnetic as it is cold worked. Alloy 304 can be easily welded and is the choice for many deep drawn, spun or formed parts due to its high ductility.