Mineralogical study of the interactions between fluxes and iron-oxides helps to understand how magnetite oxidises to haematite during pellet firing. Samples of OneSteel magnetite pellets tested at COREM pilot plant were collected after three firing steps and were studied mineralogically. Preheated pellets revealed no particular microstructures related to the composition of fluxes but were more affected by their bed position. After kiln firing, the impacts of lime and magnesia became more apparent. Magnetite oxidation is complete in the cooling stage. The position and the microstructure of the residual magnetite can bring useful information that could complete' the view of the firing cycle.