A valve which is cobalt-free excellent in wear resistance and seizure resistance manufactured by forming valve seats for a valve disc and a valve body with a nickel base alloy in which silicide particles or boride particles of small particle size are finely dispersed, and the valve seat is bonded to the valve disc or the valve body by way of an insert material comprising a nickel base alloy of a lower melting point by transient liquid phase diffusion bonding.