Disclosed herein is a nickel based alloy comprising, in weight percentage: carbon from about 0.5 to about 1.5; chromium from about 25 to about 35; tungsten from about 12 to about 18; iron from about 3.5 to about 8.5; molybdenum from about 1 to about 8; manganese up to about 0.50; silicon up to about 1.0; and the balance nickel and incidental impurities. The alloy is suitable for valve seat insert applications in internal combustion engines.