We present results of theoretical and experimental study of effect of dense drop-like aggregates on the magnetoviscous effects in suspensions of non-Brownian magnetizable particles. Unlike the previous works on this subject, we do not restrict ourselves by the limiting case of highly elongated drops. This allows us to reproduce the experimental rheological curve in wide region of the shear rate of the suspension flow. (C) 2014 Elsevier B.V. All rights reserved.