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The present invention relates to an alloy composition of Formula (I) : REx-Fe100-x-y-z-By-Mz, wherein RE is two or more rare earth metals, M is one or more refractory metals, x, y and z are atom% in which 10.5Ρ≤x≤14, 5.5≤y≤6.5 and 0.5≤z≤1.5. One composition specified in this invention is of Formula (II) : [(PraNd(1-a))bCe1-b]x-Fe100-x-y-z-By-Mz, wherein a and b are 0.20≤a≤0.50 and 0.40≤b≤1.00. The present invention also relates to magnetic materials, bonded magnets comprising them and methods of producing said bonded magnets.