This large ferrite ring magnet also known as the ceramic magnet is a type of permanent magnet made from rusted iron.  This magnet is more affordable than rare-earth magnets due to low production costs. They offer excellent value of money when pull strength is not the most important factor. It makes a common choice for an application that does not require a magnet strength. They're also highly resistant to corrosion and produce a strong magnetic field. Ideal for school and laboratory experiments.