Learned something today! Seems these beads are synthetically manufactured kissing cousins of hematite. So say the experts:
Like nearly all commercially available "hematite" beads, this hematite is a simulated material virtually identical to real hematite. It even has the same chemical composition - both genuine and simulated hematite are iron oxide. It looks and reacts to tests very much like natural hematite - it is hard to them apart. Natural hematite is rare and expensive. These beads are made from hematite pieces and dust that have been ground up and fused into shape.
This gemstone is created by magnetizing simulated hematite (natural hematite cannot be magnetized!) Magnetized hematite is similar to magnetite, a naturally occurring relative of hematite. Both stones are forms of iron oxide, but with slightly different formulas (magnetite is Fe3O4, while hematite is Fe2O3). I prefer to use the manufactured beads because they are consistent in magnetic strength. (from Diane Norman Designs, Information Sheet for Magnetic Hematite)