Could be, but difficult to diagnose with a magnet, as austenitic stainless steel are frequently not magnetic. What's your Trek 700 weigh with a foil lid? I've only been able to find the "total package" weight with lid.
...says it's made of 1 oz of Ti. Perhaps you are correct, and dozens of commenters are wrong!)
"Entire set is made out of pure Grade A Titanium; made in Japan." - See more at: http://www.snowpeak.com/cookware/backpacking/trek-700-titanium-scs-005t.html#sthash.Hj7t56SL.dpuf