Apparatus and method are provided for heating and melting of materials by electric induction heating of susceptor components in a crucible of the furnace. The susceptor components comprise at least an array of susceptor rods arranged around the inner perimeter of the crucible. A susceptor base may also be provided in the crucible with connection to one end of the susceptor rods. One or more susceptor tubes may also be used within the interior volume of the crucible. Alternating current flow through one or more induction coils surrounding the exterior of the crucible generate magnetic flux fields that couple with the susceptor components to inductively heat the susceptor components. Heat from the susceptor components transfers to the material in the crucible to heat and melt the material.