PURPOSE: To obtain the rod excellent in crystal orientational properties at a high solidifying velocity by subjecting a rare earth-iron alloy base metal charged to a cylindrical refractory on a water-cooled metallic mold in a vacuum chamber to arc melting and thereafter solidifying it by heat elimination from the above mold.

CONSTITUTION: A rare earth-iron alloy base metal 26 is charged to the upper end part of a cylindrical refractory 24 in which both ends are opened and placed in a water-cooled metallic mold 22 at the bottom of a vacuum chamber 10. Next, the vacuum chamber 10 is evacuated and is thereafter introduced with an inert gas to melt a pure Ti ingot placed on the mold 22 by arc discharge formed between the ingot and a W electrode 16 and to remove O2 remaining in the chamber 10. After that, the electrode 16 is moved onto the refractory 24, and arc discharge is executed between the base metal 26 and the electrode 16, by which a molten body 28 of the base metal 26 can be obtd. in the refractory 24 and the temp. of the refractory 24 simultaneously rises. After that, when an electric current in the arc discharge is gradually reduced, by the heat radiated from the mold 22 and the remaining heat in the arc discharge and the refractory 24, a heat flow directed from the lower end to the upper end of in the refractory 24 is generated. Thus, the rod made of a rare earth-iron alloy in which crystals are oriented can be obtd.