In the image above, we have the principle of induction cooking. An alternating current is run through the coil, which causes a change in flux. This change in flux induces eddy currents in the conductive pan, and by Joule heating/resistive heating (P=VI), this causes the pan to heat up.
So the only thing that you need is a pan that can conduct electricity/the eddy currents right? As long as the pan does not have a too low or a too high resistance.
However, why is the effect specifically optimal for ferromagnetic materials/conductors? How does the ability to magnetize somehow enhance the effect of induction heating? Does the magnetization of the pan itself somehow enhance the eddy currents or something?