I took a small pinch and put it on the garage floor and lit with a small stick match.
The shavings lit instantly and burned white hot. Although it burned fairly fast it did not flash like gunpowder. These are similar to shavings like you would get when drilling metal. I think a small amount under tinder with larger sticks over that would start a decent fire in damp conditions. It's raining here now so that will be my next experiment. I may make some wax firestarters with paper and mag shavings and test for results. I do have a fire steel for backup but haven't used it in the woods for starting fire. Until the Bic dies it stays in my first aid kit. BTW has anyone ever lit a ping pong ball? They go up like gasoline.