Induction cookers work by inducing eddy currents in the pan that is placed upon them. Typically the cooker consists of a coil through which an alternating current in the range 20-100 kHz is passed. The alternating magnetic field of the same frequency induces an alternating electric field in the pan. The electric field drives currents, which then dissipate as heat, hence heating the contents of the pan.
Heat is generated most efficiently if the power inherent in the electromagnetic fields is dissipated in a thin outer layer of the pan. The work done per unit volume by the fields is $\vec{E} \cdot \vec{J}$, which for a linear conductor is equal to $J^2/\sigma$, where $\sigma$ is the conductivity of the metal. But for a given eddy current $I$, the current density $J$ is inversely proportional to a linear dimension of the pan $L$ multiplied by the effective thickness in which the alternating electric field is confined - this is known as the skin depth.
$$\delta = (\pi f \mu_0 \mu_r \sigma)^{-1/2}$$
Thus $J \propto L^{-1}\delta^{-1}$ and thus the total heating effect per unit volume is $J^2/\sigma \propto L^{-2} \delta^{-2} \sigma^{-1}$. The total heating effect is then obtained by multiplying by the pan area $L^2$ and the thickness of material in which the eddy currents ($\delta$ again). So the total heating effect
$$ H \propto J^2 \sigma^{-1} L^2 \delta \propto L^{-2} \delta^{-2} \sigma^{-1} L^2 \delta \propto \sigma^{-1} \delta^{-1}$$
For two materials of similar conductivity then the one with the smaller skin depth will result in the greatest Ohmic heat losses. Looking at the formula for skin depth, we can see that $\delta^{-1} \propto \mu_r^{1/2}$, so ferrous materials with a high relative permeability have a much smaller skin depth and thus the eddy currents dissipate much more power.
EDIT: As your edited question points out, this argument only works if the currents in the pan are equivalent. However, the coil plus pan can be viewed as a step down transformer where the secondary load resistance is $R \propto \sigma^{-1} \delta^{-1}$. The $\mu_r$ of a ferromagnetic pan could be a few thousand, so for similar conductivity, this increases $R$ by factors of $\sim 50$. If the resistance in the coil is $R_C$ then the fraction of power "usefully" dissipated in the pan is
$$ f_U \simeq \frac{a^2R}{a^2R + R_C},$$
where $a>1$ is the ratio of the voltage in the coil to the EMF induced in the pan (see ideal transformer). If $R \gg R_C$ then the transfer of power is very efficient. If you reduce $R$ by a factor of 50 (by using an aluminium pan with a factor 50 larger skin depth) then that is probably not going to be the case.
An additional point which rarely gets a mention is that there are hysteresis losses in ferromagnetic materials. But I am unsure about the relative magnitudes of these effects.