Step 4: Collect ferric oxide
Get a magnet. Roll it with paper or plastic bag (it is needed to separate ferric oxide from a magnet easily). Collect all your Fe2O3. Let ir dry.
Repeat step 3:
If not all oxide has separated from a tape you can repeat procedure with acetone few time to get a better effect.
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Please Reply. (I got tons of Fe304 and vegetable oil).