What type of pump and who's manufacture ?
Most common things to effect magnetism of magnets is excessive temperature - we use Somarium Cobalt magnets on metallic pumps which handle tmperatures safely up to 320'C - they can however have a temporary loss in magnetism at temperatures exceeding 260'C and so we have to compensate by adding more magnets. This returns however when returning to lower operating temperatures.
If the pump was to be 'flashing' due to dead heading, you would see additional evidence of wear and damage to bearing material, and possibly face fracture of the ceramic or Silicon faces due to thermal shock etc. The pumped product not only has to lubricate the bearings, but also take away heat generated by eddy current effect (an energy generated by passing magnetic currents through stationery metals). Previous writer was correct, this is worse in Stainless Steel, but you will find most people use Hastelloy for the can as this gives the best efficiency against eddy current loss v cost ratio.
A cheap magnetic drive pump usually consists of low quality magnet materials, which have limits of temperature, limits of torque they can transmit and limits to product density. We often compete against 'cheap pumps' but again, win in the long term, as lifecycle cost is poor.
See if you can find out the material of the magnets from the manufacturer, also see if there is any bearing damage, and also is there is any discolouration of the isolation shell/can which can give many other clues as to what is happening
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