Generally 301 Stainless Steel is a more cost efficient alternative to 304 Stainless Steel. Why? 304 stainless steel gets more chromium and nickel than grade 301 does. So depending on the price of Nickel and Chromium, 304 could be a a little more costlier. 

As for effective Tensile Strength, 301 stainless steel has a higher carbon content (0.15% compared to 304’s 0.08% by weight), which can better withstand mechanical force. In room temperature conditions, grade 301 stainless can take up to 120 ksi (kilopounds per square inch), while 304 stainless steel can only take up to 90 ksi of pressure before experiencing mechanical failure. This means that at room temperature, a basket made of grade 301 stainless steel can take up to 33% more stress than a similar basket made from grade 304 alloy.