Stainless 316 say as standard of molybdenum bearing grade, the best choose after stainless steel 304 because of this price is more higher than 304, so stainless steel 316 become second important to 304 amongst the austenitic stainless steel. Molybdenum contain in the steel make stainless steel 316 have better overall corrosion resistance properties than grand of 304, especially if use in acidic surrounded environment, such as in Chemical Industries. But for general purposes that need stand to corrode you can choose just stainless steel 304.
Stainless steel 316 L have low carbon version of stainless 316 and more stand to corrode. This steel is extensively use in heavy gauge welded components (over about 6 mm). While stainless steel 316H have high carbon content, so it suitable for use in elevated temperature.