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I'm just starting with magnetism and stuff and I was reading about different types of magnetism. Such as ferromagnetism, anti-ferromagnetism and paramagnetism. If I understand it correctly, examples of ferromagnetic elements are Iron, Cobalt and Nickel. They are permanent magnets (if the crystal structure is correct). But paramagnetic elements (and anti-ferromagnetic elements) will act like a magnet if there is an external magnetic field applied to it. But how can a Neodymium magnet, very well known permanent magnet, be one when its a paramagnetic element? (Source properties Neodymium)

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up vote 1 down vote accepted

Neodymium magnets are not made of elemental Neodymium.

They are $Nd_2Fe_{14}B$

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