An aqueous slurry that is useful upon being spray dried for the formation of a powder of hard material. The aqueous slurry includes starting powder components of the hard material. The slurry further includes an oxidation inhibitor, a surfactant in an amount between about 0.05 weight percent and about 0.30 weight percent of the weight of the starting powder components of the hard material, a binder, a defoamer and water in an between about 15 weight percent and about 30 weight percent of the weight of the weight of the starting powder components of the hard material. The aqueous slurry has a percent solids value that is between about 70 percent and about 85 percent.