This is incorrect. The magnetic flux will induce an electromotive force that will cause a current to flow in any conducting material and cause heating if this material is not superconducting.

As an example, induction heating is a commonly used method in zone melting for Si-purification [0].

The effect is more pronounced in ferromagnetic materials because a larger flux is induced.

[0]: https://en.wikipedia.org/wiki/Zone_melting