This is a tungsten carbide scriber tool (also known as an engraving pen or metal scribe), complete with six replacement marking tips.
The red pieces on the ends are temporary protective vinyl caps meant to prevent the sharp tips from piercing through packaging or scratching surfaces accidentally before use.
What it is used for:
• Etching and Marking: It acts like a heavy-duty pencil for hard surfaces. Machinists, woodworkers, and DIYers use it to scratch highly precise lines onto materials like steel, aluminum, glass, ceramics, and sheet metal before cutting or drilling.
• Magnetic Pickup: The silver pen body has a cross-hatched, non-slip grip (knurling). The silver cap on the very top of the pen usually contains a permanent magnet used to pick up stray metal shavings, small screws, or washers.