Tungsten carbide is a type of steel mainly comprising of cobalt as well as tungsten carbide. The cobalt will act as a binder and help enhance shock resistance when drilling. The shock resistance provided will depend on the percentage of cobalt used to manufacture the product, and usually a small amount of wax will be added to hold the materials together. Tungsten carbide is a high-strength material and has a compression strength greater than many forged metals and alloys. This type of steel has a tensile strength ranging from 100,000 to 500,000 PSI.