Grinder sparks are the debris caused by the rubbing of a piece of metal against a grinder wheel . The debris is a mixture of the wheel and the metal. The color of the spark denotes the hardness and composition of the metal.
"Fetch me a pail of grindersparks" is also used in a typical tradesman prank, as you cannot catch a spark as it will go out. This is used to keep an apprentice busy and out of the master's way while supplying humor to members of the shop.
See also