The chemical composition of specularite is Fe2O3, which is iron(III) oxide. It is a mineral that belongs to the hematite group and is commonly known as specular hematite. Specularite is characterized by its platy, micaceous crystals that exhibit a metallic or shiny luster, hence the term "specular." It is primarily composed of iron and oxygen atoms arranged in a hexagonal crystal structure.

Specularite is a relatively rare form of hematite and is often associated with other iron oxides such as magnetite and limonite. It is commonly found in iron-rich environments such as hydrothermal veins, metamorphic rocks, and banded iron formations. Due to its shiny and reflective nature, specularite has been historically used as a source of iron ore and as a pigment in paints, cosmetics, and pottery.