Definition - What does Temporary Magnet mean?
A Temporary Magnet is a magnet that remains magnetized for only a small time interval as compared to a permanent magnet. The materials which are used for temporary magnets are usually soft materials which have low magnetic properties such as annealed iron or steel. The electromagnetic flux is not applicable on such materials when they are not magnetized. These materials also have low coercivity.
Petropedia explains Temporary Magnet
The materials which are used as induced magnets are treated as temporary magnets as they are only magnetized for short durations when attracted by a strong or permanent magnet which magnetizes them. For instance, when a permanent magnet is brought near a collection of paperclips, the paperclips get attached to each other and then to the permanent magnet. Every paperclip becomes a temporary magnet and when the permanent magnet is removed they are no longer attached to each other. In this way, the magnetic property of the collection of paperclips was induced and it was not their permanent character. When the objects or the unmagnetized magnetic materials are bought near or touch the pole of a strong or permanent magnet, they become magnets. This magnetic character is induced on the objects and it gets vanished when the permanent magnet is removed.