Magnetic powder for magnetic recording

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A magnetic powder for magnetic recording is provided that has improved properties suitable for a magnetic recording medium used with a high-sensitivity read head utilizing an MR device. The magnetic powder is composed of iron-base acicular particles containing Co, Al, R (rare earth elements, including Y) and oxygen within the ranges of Co/Fe=10–50 at. %, dissolved Al/(Fe+Co)=5–50 at. %, R/(Fe+Co)=2–25 at. % and oxygen=not greater than 25 wt %; and the acicular particles have an average major axis length of 25–80 nm and a saturated magnetization σs of 10–130 emu/g