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Hard Ferrite magnets made of Barium and Strontium Ferrite has been available since the 1950's. Their principal advantage is that they are very inexpensive and they have great magnetic and environmental stability. Hard Ferrite magnets are brittle, very hard, black in color, and are very resistant to corrosion.
Due to their low cost, Ferrite magnets enjoy a very wide range of applications, from motors and loudspeakers to toys and crafts, and are the most widely used permanent magnets today.