A matrix powder that includes (a) about 15 weight percent of -325 Mesh cast tungsten carbide particles; (b) about 2 weight percent -325 Mesh particles comprising one or more of iron particles and nickel particles; (c) about 2 weight percent +60 Mesh macrocrystalline tungsten carbide particles; (d) about 6 weight percent -60+80 Mesh macrocrystalline tungsten carbide particles; and (e) about 75 weight percent -80+325 Mesh hard particles. A portion of component (e) forms between about 10 weight percent and about 20 weight percent of the matrix powder. The portion of component (e) that is crushed cemented tungsten carbide particles containing one or more of cobalt and nickel within one of the following particle size ranges: (i) -80+120 Mesh hard particles; (ii) -120+170 Mesh hard particles; (iii) -170+230 Mesh hard particles; (iv) -230+325 Mesh hard particles; (v) -325 Mesh hard particles. The balance of component (e) is macrocrystalline tungsten carbide particles.