The conservation laws are used to obtain phenomenologically the complete system of equations of motion of a conductive paramagnetic fluid in a magnetic field. In addition to the usual MHD equations (with additional terms accounting for the magnetization of the medium), this system includes the equation for the rate of change of the magnetic moment. The hydrodynamic equations for a fluid with internal rotation have been obtained in [1] and extended in [2] to the case of the paramagnetic properties resulting from this rotation: here the fluid was considered nonconducting. The analysis of [2] is extended to the case of a fluid with nonzero electrical conductivity. This will be the same extension of MHD as the theory of [1, 2] is for conventional hydrodynamics.