In the case of ammunition that, as CMP puts it, "attracts a magnet," is the assumption that it is steel core?
Ferromagnetic materials are strongly attracted by a magnetic force. The elements iron (Fe), nickel (Ni), cobalt (Co) and gadolinium (Gd) are such materials.
Iron is the metal with the strongest magnetic attraction. Steel can also be highly magnetized because it is made up mostly of iron.
Steel is an alloy or combination of iron and several other metals, giving it greater hardness than iron, as well as other specialized properties. Because of its hardness, steel retains magnetism longer than iron.
Alloys of iron, nickel, cobalt, gadolinium and certain ceramic materials can become "permanent" magnets, such that they retain their magnetism for a long time.
Iron, nickel, and cobalt are not normally used in bullet cores. Therefore, a positive "magnet test" indicates the bullet probably contains steel in it's core or jacket.