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I have a steel router table. On it I have a magnetic feather-board
-- a strong, ceramic magnet in a holder that then has 'fins' on it to
keep the work being routed tight to the fence. The table, despite it
being cold and damp was rust free -- EXCEPT under where the magnet
was! As I lifted off the feather-board, I found a perfect rust
outline of the magnet inside the feather-board!
I can't explain using any Physics I know...