A flash ironmaking drop tube furnace includes a primary reaction section having a refractory, an induction coil around the refractory, insulation located between the refractory and the induction coil, and a susceptor located inside the refractory, the susceptor being formed of a material that is heated by induction when electrical current flows through the induction coil, and having at least one interior channel through which particles can pass. The furnace further includes a muffle, located below the primary reaction section; an outer shell surrounding the muffle; at least one heater located adjacent to the muffle; insulation located between the at least one heater and the outer shell; at least one particle feeder that feeds a predetermined volume of particles into the furnace above the primary reaction section; and an inlet port for injecting gas into the furnace, the inlet port being located so that the gas flows through the susceptor and muffle in parallel with the particles.