Haematite is specifically iron oxide, which means it's a compound made of iron and oxygen. Haematite's red streak is due to its iron oxide content.
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Color Indicator
Haematite's color ranges from red to brown, which is distinctive among other minerals. The reddish streak left by haematite helps geologists identify it.
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Industrial Use
Haematite is mostly used in the context of iron production, which is critical for manufacturing. Steel factories often source haematite for their iron needs.