Ni in austenitic steel, is commonly said, imparts strength and stabilizes face centered cubic structure, and has less role to play in corrosion resistance. For Pure iron, alpha-iron is also nonmagnetic above curie point. The explanation of magnetism is expected to be without inciting technical terms from exchange interaction, since my knowledge about exchange interaction is practically rudimentary.
ferritic stainless steel is more magnetic than austenitic steel due to the presence of ferrite strucuture. Adding chromium increases ability of the alloy to resist corrosion, higher the percentage of Cr higher the corrosion resistance will be, and austentic stainless steels are more corrosion resistant because they have higher Cr % as compared to ferritic stainless steel
Ferritic stainless steels are essentially nickel-free. These materials contain very little amount of carbon and exhibit superior corrosion resistance due to possess good resistance to oxidation
The magnetic property of ferritic stainless steels is since the magnetic domains that are active in ferrit phase. These domain would be align to the magnetic field permanently but the austenite phase do not have these active domains.
and about the corrosion aspect, although the corrosion resistance of some austenitic stainless steels could be even better in some case than ferritic one, since austinit is not the stable phase at room temperature it would be more likely to be corrosive than the similar ferritic one.
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