Ferrite is a ceramic material made by mixing and firing large proportions of iron(III) oxide (Fe2O3, rust) blended with small proportions of one or more additional metallic elements, such as barium, manganese, nickel, and zinc.
This material is extremely low cost as it is primarily made from rusted iron (iron oxide) and has excellent resistance to corrosion. Ferrite is very stable, difficult to demagnetize, and can be made with both high and low coercive forces. 
Ferrite is one of the most commonly used magnets in the world due to its longevity, broad utilization, and low cost.
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Hard ferrites have high coercivity, which means they are difficult to demagnetize. They are used to make permanent magnets for products such as refrigerator magnets, loudspeakers, and small electric motors.
Soft ferrites have low coercivity, which means they are easily magnetized. These are used in the electronics industry to make efficient magnetic cores called "ferrite cores" for high-frequency inductors and transformers.