The new piston material has been developed in which the type and amount of the added transition metals and the size of the crystallized intermetallic compounds has been optimized. In order to control the size of the intermetallic compounds, the material is not produced by conventional metal mold casting, but by a carbon mold continuous casting method that enables a fine and uniform structure to be obtained. The optimization of the elements forming the intermetallic compounds and the quantity of these elements added, in addition to the addition of refining elements, to enable dispersion of needle-type intermetallic compounds throughout the alloy, has resulted in the achievement of levels of specific gravity and forgeability similar to those of a conventional forged piston material, while increasing strength at high temperatures by 50%.