A monolithic refractory castable material comprises from about 25 to about 80 weight percent of graphite, from about 1 to about 15 weight percent of a water dispersible, curable phenolic novolac resin, and from about 70 to about 15 weight percent of one or more refractory aggregates, based on the weight of the monolithic refractory castable material. The monolithic refractory castable material is water dispersible and may be delivered to a structure surface by casting, pumping, shotcreting or gunning processes. In one embodiment, the monolithic refractory castable material may be employed to install or replace a blast furnace lining.