Key Characteristics Composition: They are an alloy primarily made of neodymium, iron, and boron (NdFeB). Appearance: They usually have a shiny, metallic coating, most commonly a triple layer of nickel, copper, and nickel, which protects the iron content from corrosion and rust. Shape: The magnets in the image are rectangular bar or block shapes, which are common for industrial, educational, and household uses.