PURPOSE: To provide the titled compsn. consisting of nitrocellulose, magnetic metal powder and a sepcified organic solvent, not containing water and/or alcohol, and producing a magnetic coating with excellent magnetic powder dispersion when various additives and, if ncessary, an organic solvent are added to it.

CONSTITUTION: The titled compsn. consists of nitrocellulose, magnetic metal powder (e.g. Fe3O4, γ-Fe2O3, CrO2, Fe, Fe-Co, etc. in fine powder) and an organic solvent which can dissolve nitrocellulose and inert to an isocyanate group (e.g. methyl ethyl ketone or ethyl acetate) or its blend with an organic solvent which is inert to the isocyanate group and cannot dissolve nitrocellulose (e.g. toluene or n-hexane). The compsn. does not contain water and/or alcohol and is readily dispersible. A megnetic coating which shows excellent magnetic powder dispersion is obtained merely by adding to it other binder components, additives such as dispersant, lubricating agent or antistatic agent and, if necessary, organic solvent.