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Ferrite Magnets are also known as Ceramic Magnets, Ceramic Ferrite Magnets, Feroba Magnets and Hard Ferrite Magnets. Ceramic Ferrite magnets are one of the most widely used permanent magnet materials in the world. Ferrite magnets are a low cost magnet material perfectly suited for higher volume production runs . They are termed ceramic due to their excellent electrical insulation ability. Ferrite magnets are superb in damp, wet or marine environments ? Ferrite magnets are corrosion free. Because the iron is already in a stable oxidized form in its structure, the iron cannot oxidize (?rust?) any further when in water.