The colour paste allows you to mix your own linseed oil paint. To create a linseed oil paint you should mix the colour paste with boiled linseed oil.

Haematite/hematite is typically used as a rust protecting paint for metal surfaces. Haematite is the replacement for the toxic red lead and is used as a primer for metal surfaces/objects such as window and door fittings.

NCS S 4530-Y80R (linseed oil paint)