High-quality stainless steel typically contains iron, chromium, nickel, and varying amounts of other elements such as molybdenum or manganese. The most common grades of stainless steel include 304 and 316. Grade 304 stainless steel, known for its corrosion resistance, is often used in kitchen equipment and appliances. Grade 316, with added molybdenum, offers superior corrosion resistance, making it suitable for marine environments and applications in the chemical industry.