This type of magnetic material has very wide applications.
Tips
usage
磁 appears in many compounds: 磁铁 (cítiě, magnet), 磁场 (cíchǎng, magnetic field), 磁卡 (cíkǎ, magnetic card), 磁盘 (cípán, disk). As a variant of 瓷, it can mean porcelain, but this usage is rare in modern Chinese.
Stone radical on the left, the indexing radical. Magnetism was first observed in lodestone — a naturally magnetic mineral — so the stone radical is literal. Same family: 砌 stack, 碎 broken, 砖 brick. The porcelain sense (磁器 = 瓷器) also relates to fired stone-clay.
Right side 兹 supplies the sound — zī shifted to cí in 磁's reading. The 'this' meaning is dormant; treat 兹 as the phonetic. Same root in 滋 to grow, 孳 to breed — all use 兹 for the sound rather than any 'this' meaning.