Maybe I can shed some light on this. A good grade of Stainless Steel will not draw a magnet. Stainless steel is regular steel with primarly chrome and nickel added. In this raw form it will not draw a magnet due to the addition of these two elements. However, in the machining process, the material might pick up some traces of regular steel and cause it to draw a magnet. In the marine industry, this is known as 304 Stainless. To achieve 316 Stainless that will not draw a magnet, Molybdenum is added. Boat Steering wheels are made of this so not to draw a compass. I know that 410 heat treated stainless is highly magnetic. Take the word apart and you have the words stain LESS. And that is what it means. It will rust or stain, but not as much. As far as 416 goes, I don't have the answer as I am at work and my gas cylinders are home but I would suppose that given the above, a cylinder made of 416 would be magnetic.