@OriginalAppleGuy
Since Apple did label the box as 316L, I wonder if it was a mistake or if it refers to particular parts of the milanese loop (like how the classic buckle, sports band etc are labeled as 316L stainless steel). However, this is very misleading for the milanese loop because people will expect marine grade corrosion resistance. I can't imagine Apple making a mistake like this though so there must be an explanation.
That being said, 316L can be rendered magnetic if a heat treatment was done to cause it to transform from austenite to ferrite/martensite (for instance, if you cool it to below room temperature). But doing so would cause negative impacts to corrosion resistance, which defeats the purpose of using 316L. Furthermore, Nickel, the element meant to stabilise austenite so the steel is non-magnetic, is quite expensive.
What makes me curious is that the loop is obviously very magnetic.
Anyway, I was just sharing my knowledge on stainless steel metallurgy. I do have the tools to verify the alloy used (part of my job), but I don't have an official loop on hand and even if I do, I'm not even sure if the effort is worth it.
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Back to the original question. Even if stainless steel straps were made of 316L, I wouldn't recommend getting it wet for extended periods of time. That being said, for 99% of people, this shouldn't be a concern. That said, the potential for pitting/crevice corrosion in stainless steel watches is a well known thing, which is why some higher end watches use other more resistant stainless steels.
All stainless steels though, no matter how corrosion resistant, suffer from this problem. For an expensive watch/strap, best not risk it. But I think that's why Apple advices against using these straps in water. (That said, I'm saying this as a stainless steel engineer. The environments I work with are far more chemically hostile to stainless steels than simply going for a swim).
Just buy a sports band.