Magnetite is the best quality iron ore.

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Detailed Solution

Magnetite, Hematite, Limonite, and Siderite are the four major iron ores.

Magnetite (Fe₃O₄) is the richest of the common iron minerals which contain 72.4% iron. It is darker than hematite and it varies from deep dark brown to blackish in color.
Hematite (Fe₂O₃) nearly contains 70% iron and is mostly reddish. Some hematite is almost black or even blue.
Limonite (2Fe₂O₃.3H₂O) or brown ore. It contains 60% iron content. Its colour ranges from yellow to dark.
Siderite (Fe₂CO₃), contains about 48% iron.

Thus, magnetite is the best quality iron ore.

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