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The development of a new dynamic circuit-based ferromagnetic model is described. The investigation of the behavior of a 24-gauge M19 silicon steel led to the conclusion that, for this material, a model that has static parameters is unable to accurately reproduce the behavior of the actual material over a large range of input frequencies and excitation levels without resorting to retuning the parameters of the model. This paper proposes two new mechanisms that dynamically adjust the parameters of the model. The provided results clearly show the effectiveness of these mechanisms.