Preparation, handling, and spray drying, in an economic and environmentally-friendly way, of slurries for the production of tungsten carbide based hard metal tools or components by the powder injection molding or extrusion route is disclosed. The slurry used is based on ethanol-water and contains metal carbide and metallic raw materials as well as stearic acid and a low concentration of polyethylenimine (PEI). The concentration of PEI is 0.01 1 wt % of the raw material weight. This combination results in low-viscous slurries, which require less use of ethanol, energy, manpower, and equipment time in their preparation, handling, and spray drying. The invention also relates to the powder obtained by using the method.