Read the source given below and answer the question that follows:

Iron ore is the basic mineral and backbone of industrial development. India is endowed with fairly abundant resources of iron ore. India is rich in good quality iron ores. Magnetite is the finest iron ore with a very high content of iron, up to 70 per cent. It has excellent magnetic qualities, especially valuable in the electrical industry. Hematite ore is the most important industrial iron ore in terms of the quantity used but has a slightly lower iron content than magnetite. (50-60 per cent). India is fortunate to have fairly rich and varied mineral resources. However, these are unevenly distributed. Broadly speaking, peninsular rocks contain most of the reserves of coal, metallic minerals, mica and many other non-metallic minerals. Sedimentary rocks on the western and eastern flanks of the peninsula in Gujarat and Assam have most of the petroleum deposits. Rajasthan, with the rock systems of the peninsula, has reserves of many non-ferrous minerals. The vast alluvial plains of north India are almost devoid of economic minerals. These variations exist largely because of the differences in the geological structure, processes and time involved in the formation of minerals.

Answer the following MCQ by choosing the most appropriate option:

Magnetite is valuable for which industry?