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It is either hematite or magnetite. Both minerals can be magnetic (attracted to a magnet) but only one can be magnetized (having the property of magnetism).

My opinion is hematite. It will leave a dark streak with red hues. Hematite is often magnetic but never shows magnetism.

If it streaks gray to dark without the red hues it is magnetite. Magnetite is always magnetic and usually shows magnetism.

Hematite is a ferric mineral. Magnetite is ferric and ferrous. Ferrous iron displays the property of magnetism. You can generally hold a neodymium magnet on a piece of magnetite and it will magnetize. Small iron filings will follow it. Not so with hematite.

Do these simple tests and you will have this piece identified.

Bob

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