PURPOSE: To provide the core part of the cermet alloy with toughness, to improve the cuttability of the cermet alloy itself and to increase its mechanical strength by specifying the ratio of a dispersion hardened phase to a bonding phase and strengthening the inside of the grains in the hardened phase by a metallic phase.

CONSTITUTION: As a dispersion hardened phase in the cermet alloy, the one contg. 70 to 95wt.% double carbon nitrides of 4a, 5a and 6a group transition metals is used, and the balance is formed from a bonding phase essentially consisting of Co and Ni. By volume, ≥10% of the dispersion hardened phase is formed from hard grains contg. independently a metallic phase therein. The metalic phase in the hard grains may be formed from the compsn. same as that of the bonding phase. In the case the hard grains form a double cored structure, the alloy itself is strengthened. Furthermore, in the double carbon nitrides of transition metals forming the core part in the double cored structure, when ≥90% of the transition metals is constituted of Ti, the hard grains are reinforced without the deterioration of its wear resistance.