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I use tungsten carbide tools when I machine cast iron and sometimes brass. In the case of brass mainly because the tool angles are correct.
Some tungsten carbide tools consist of a mild steel shank with a piece of tugsten carbide brazed in place and then ground to shape.
A more common form now coming from the professional engineering world are mild steel shanks with replacebale carbide tips that are held in place with a single bolt.
We reviewed the Glanze TCT tools.
These tools have a steel body with separate TCT bits that are pre-machined to the correct angles. When the bit wears out or gets chipped then you just replace it.
Note that when machining rough castings it is very easy to chip the tools, so take that into account and use small cuts at first.
If you want to cut a piece of Tungsten Carbide down in size then it is best to use a diamond abrasive wheel.
If you want to grind a tool to shape then green grit wheels work well. Final angles can be honed with a diamond abrasive plate.