The present invention relates to dry refractory compositions having excellent thermal insulation values. The dry refractory composition also has excellent resistance to molten metal and slag. The composition comprises a lightweight filler material selected from the group consisting of perlite, vermiculite, expanded shale, expanded fire clay, expanded silica-alumina hollow spheres, vesicular alumina, sintered porous alumina, alumina spinel Stone insulating aggregate, ettringite insulating aggregate, expanded mullite, cordierite and anorthite, and a matrix material selected from the group consisting of calcined alumina, fused alumina, sintered magnesia, fused magnesia, Silicon fume, fused silica, corundum, boron carbide, titanium diboride, zirconium boride, boron nitride, aluminum nitride, silicon nitride, sialonite, titanium dioxide, barium sulfate, zircon, sillimanite Group of minerals, pyrophyllite, fire clay, carbon and calcium fluoride. The composition may also contain dense refractory aggregates selected from the group consisting of calcined clay, calcined clinker, minerals of the sillimanite group, calcined bauxite, pyrophyllite, silica, zircon, baddeleyite, cordierite , corundum, sintered alumina, fused alumina, fused quartz, sintered mullite, fused mullite, fused zirconia, sintered zirconia mullite, fused zirconia mullite, sintered magnesia, Fused magnesia, sintered spinel and fused spinel refractory clinker. The composition also contains a heat activated binder and a dust suppressant.