A pelletizable gunning composition is provided which exhibits excellent flow characteristics, minimal release of dust, and excellent adhesion and resistance to slag. The gunning composition includes high density magnesium oxide as the primary component, and lesser quantities of powdered metal, refractory clay, binder and, preferably, graphite. The dry components are mixed together, and the binder is added and mixed, resulting in a composition that can be pelletized. After pelletizing, the composition can be coated with a dusting material to facilitate pellet flow and prevent pellet agglomeration.