Here is a video which shows a very cheap way if creating a DIY induction soldering station:
The main idea is to use a normal, very cheap, Chinese soldering tip which are made of steel, therefore will heat up when exposed to an alternating magnetic field.
Then it uses a switching circuit similar to a switching power supply, therefore the generated frequency is a few hundred kHz instead of 13.56MHz used by a Metcal station.
This lower frequency allows one to avoid using a coaxial cable but a simple pair of wires can be used instead.
All these make possible a very low cost DIY soldering station using very low cost tips.