312 has about 10% more chromium in it that 308/309 and a bit less nickel. Carbon percentage is lower than in 309 but higher than in 308 (and much higher than in 308L).
312 - 0.15 C 2.00 Mn 1.00 Si 30.0 nom Cr 9.0 nom Ni
309 - 0.20 C 2.00 Mn 1.00 Si 22-24 Cr 12-15 Ni
308 - 0.08 C 2.00 Mn 1.00 Si 19-21 Cr 10-12 Ni
308L - 0.03 C 2.00 Mn 1.00 Si 19-21 Cr 10-12 Ni
single values are max allowed values in the material specs
Oh, and 312 by itself has only half of the elongation (~20%) before tensile failure compared to 308/309 (~45-55%).
The higher chromium percentage should lead to more ferrite formation in the weld (magnetic), especially when welding on non-stainless steels (no to minimal chromium content).
Cast iron? Welding cast iron (2-4% carbon typically) with a high chromium filler will probably lead to goodly amounts of really hard chromium carbides in the weld puddle as well as the iron carbides in the HAZ. Can you say "Ping!" (the sound of a hard metal cracking as it cools down from welding temperature back to room temperature)?
I lean towards the darn $$$ high nickel fillers if welding cast iron, along with lots of preheat (800F+).
YMMV.