A method of forging a raw material for sintering and forging. The method comprises the steps of: (a) compacting metallic powder containing iron as a main component and graphite to obtain a compact having a predetermined density; (b) sintering the compact at a temperature ranging from 700 to 1000° C. to form a sintered compact having a texture in which graphite is retained at grain boundary of metal powder; (c) compressing the sintered compact from two directions to obtain a compressed sintered compact; and (d) extruding the compressed sintered compact upon pressing the compressed sintered compact from the two directions in a manner that a pressure in one of the two directions is reduced relative to a pressure in the other of the two directions to accomplish extrusion forging.