Fe2O3 + 3H2 -> 2Fe + 3H2O

Which materials are reductants, which are oxidants?
Please explain the solution, too. Any help is appreciated :).

The oxidants oxidise other compounds, i.e. they gain oxygen (or, more completely, they gain electrons). In your case this would be H2, as they take the oxygen from the Fe2O3.

Now use my logic to argue which are the reductants.

The oxidants oxidise other compounds, ie they gain oxygen (or, more completely, they gain electrons). In your case this would be H2, as they take the oxygen from the Fe2O3.

Now use my logic to argue which are the reductants.
So Fe is reductant, as he loses 3 electrons?

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Iron is reduced but it is because it gained three electrons.

Remember this as a tool...

OILRIG

Oxidation Is Loss, Reduction Is Gain

We are talking about electrons here.

Ah yes! Ignore me, rudi is right.

It's been such a long time since I've had to think about this, my mind got confuddled.

Well done Rudi!

Thank you for posting your question to the Ask Me Help Desk.

Iron is reduced but it is because it gained three electrons.

Remember this as a tool...

OILRIG

Oxidation Is Loss, Reduction Is Gain

We are talking about electrons here. I was taught a different acronym for remembering the difference between oxidation and reduction: LEO the lion says GER
Lose Electrons Oxidize, Gain Electrons Reduce