There is provided a sintered titanium-based carbonitride alloy for metal cutting containing hard constituents based on Ti, Zr, Hf, V, Nb, Ta, Cr, Mo and/or W and 3-30% binder phase based on Co and/or Ni. The structure contains 10-50% by weight well-dispersed Ti-rich hard constituent grains essentially without core-rim structure with a mean grain size of 0.8-5 .mu.m in a conventional carbonitride alloy matrix with a mean grain size of the hard constituents of 1-2 .mu.m. The Ti-rich hard constituent grains are essentially rounded, non-angular grains with an approximately logarithmic normal grain size distribution with a standard deviation of