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Quality Magnetite Magnetite Fe3O4 is a mineral and one of the main iron ores. With the chemical formula is Fe304, it is one of the oxides of iron. Magnetite is ferrimagnetic, which means it is attracted to a magnet. It is the most magnetic of all the naturally-occurring minerals on Earth. Naturally- magnetized pieces of magnetite, called lodestone, will attract small pieces of iron, which is how ancient peoples first discovered the property of magnetism. Today it is mined as iron ore.

Quality Magnetite Millscale consists primarily of magnetite, Fe304, of characteristic blue-gray "steely" color. An extremely thin outer film of hematite, Fe203, is invisible to the naked eye. The inner portion of the magnetite contains fine metal grains and sometimes, residual black FeO, which contribute to the roughness of descaled metal. Mill scale is found on all hot-rolled steel products unless processed in a protective atmosphere or descaled (e.g., for galvanizing).

Quality Magnetite Hematite Fe2O3 is the mineral form of iron(III) oxide (Fe203), one of several iron oxides. The name hematite is derived from the Greek word for blood aſua haima because hematite can be red, as in rouge, a powdered form of hematite. The color of hematite lends itself to use as a pigment. Hematite is an antiferromagnetic or weakly ferromagnetic.