Magnetism
Magnetism is a class of physical phenomena that are mediated by magnetic fields. Electric currents and the magnetic moments of elementary particles give rise to a magnetic field, which acts on other currents and magnetic moments. The most familiar effects occur in ferromagnetic materials, which are strongly attracted by magnetic fields and can be magnetized to become permanent magnets, producing magnetic fields themselves. Only a few substances are ferromagnetic; the most common ones are iron, nickel and cobalt and their alloys. The prefix "" refers to iron, because permanent magnetism was first observed in lodestone, a form of natural iron ore called magnetite, FeO.
Neodymium magnet
The neodymium atom also can have a large magnetic dipole moment because it has 4 unpaired electrons in its electron structure as opposed to (on average) 3 in iron. In a magnet it is the unpaired electrons, aligned so they spin in the same direction, which generate the magnetic field. This gives the NdFeB compound a high saturation magnetization ("J" ~1.6 T or 16 kG) and a remnant magnetization of typically 1.3 teslas. Therefore, as the maximum energy density is proportional to "J", this magnetic phase has the potential for storing large amounts of magnetic energy ("BH" ~ 512 kJ/m or 64 MG·Oe). This magnetic energy value is about 18 times greater than "ordinary" ferrite magnets by volume, and 12 times by mass. This magnetic energy property is higher in NdFeB alloys than in samarium cobalt (SmCo) magnets, which were the first type of rare-earth magnet to be commercialized. In practice, the magnetic properties of neodymium magnets depend on the alloy composition, microstructure, and manufacturing technique employed.