The metallurgical powder composition suspensions of the present invention include a magnetic powder having an outer oxide layer suspended in a carrier fluid. Magnetic powders include iron-based powders, such as for example, powders of iron pre-alloyed with other elements. Alloying materials include columbium, silicon, calcium, manganese, magnesium, carbon, boron, aluminum, titanium, molybdenum, chromium, copper, nickel, gold, vanadium, phosphorus, or combinations thereof. Carrier fluids include silicon-based fluids and/or oils, such as hydrocarbon oils. The outer oxide layer includes alloy materials that are reacted/complexed with oxygen. Magnetic powders exhibit low rates of oxidation over a broad temperature range. Articles incorporating metallurgical powder composition suspensions include dampeners having a chamber, a piston that reciprocates in the chamber, and a source of magnetism operatively connected to the chamber. The source of magnetism, when activated, produces a magnetic field that changes the apparent viscosity of the metallurgical powder composition suspension.