Highly protective and grounding. It is said to protect against the supernatural and ward against directed harm, ill-will or malicious intent. it is associated with travelling; the moments of transit not those of arrival.
Please note that so called magnetic hematite is not hematite at all, but an industrial compound. Magnetic hematite jewellery is used for pain relief and help with inflammation and joint ache. It is not a good substitute for hematite in spells or workings which require it specifically.