The aluminum is bound with the iron and other elements, so that the magnet can retrieve it all from the water?
Measure the amount of aluminum in the powder before and after. And/or measure the amount of aluminum added to the water too.
You're going to have to do some testing similar to this anyway since you need to know how long the stuff stays effective. At some point it could wear out and lose its germ-killing powers. Or maybe it doesn't, but you need to know that.