Is 303 Stainless steel good for rear axles?

I have to replace the carbon steel axle on my Hawk-Ty mini. I'm unable to find a 15 x 400 mm round bar stock in carbon steel anywhere.
However, I did find a bar stock of 303 Stainless Steel which can be hand threaded easier than 304 SS.
But can the material take the stretching strain of the axle lock nuts clamping the axle to the mini's frame?