Rare earth magnet scrap and/or sludge is remelted for reuse. Once a rare earth-free magnet-constituent metal feed is loaded in a melting furnace and heated into a melt, a rare earth-containing metal feed and the rare earth magnet scrap and/or sludge are added to the melt, a particulate flux of an alkali metal, alkaline earth metal or rare earth metal halide and having an average particle size of 1 50 .mu.m, preferably wrapped in a metal foil, is added to the melt, and the resulting mixture is melted, from which an alloy ingot is obtained. The valuable elements in the scrap and/or sludge can be recycled. Better separation between the slag and the molten metal ensures that the ingot is obtained from the melt in a high yield.