It will take pretty powerful machine to engrave SS, you will also need a rotary to be able to engrave that far around. We have an 80watt Epilogue CO2 laser at work and it will not engrave steel. We use some spray on material (Cermark) that the laser bonds to the metal and looks more like a screen print than engraved. Most of the SS mugs you see that have marking on them are done with something like this.
We also have a 1.5KW fiber laser that excels at cutting sheet metal but is not well suited for engraving, it will only vector cut and not raster. We have done some basic text for marking parts but can't do any graphics.
Not much help, just some of my experiences.
Dave