The refractory material comprises a refractory aggregate, a liquid novolak phenol resin and an organic segregation inhibitor. Also claimed is refractory material that comprises a refractory aggregate and a solution of a novolak phenol resin with a number-average molecular weight of 600 or below. The first invention attains a good flowability of the refractory material and inhibits the sedimentation and segregation of the aggregate. The second invention attains a good flowability of the refractory material, stabilising the adhesiveness, and preventing the warpage of the hardening product.