Agglomerates with a carbonaceous material incorporated therein and a process for producing reduced metal using the agglomerates are provided. The agglomerates are prepared with high-VM coal, which is widely and abundantly produced and is less expensive, and they provide high strength after reduction without the need for finer metal oxide particles. The agglomerates are made of a carbonaceous material and a raw material to be reduced that contains a metal oxide, such as iron ore. The carbonaceous material used is a high-VM coal containing 35% or more by mass of volatile matter. The agglomerates are formed at a pressure of at least 2 t/cm2 so that the porosity thereof is reduced to 35% or less. The reduction in porosity is effective in promoting heat transfer inside the agglomerates in a rotary hearth furnace in a high-temperature reduction step so that the sintering of reduced metal proceeds efficiently in the overall regions of the agglomerates to produce a reduced metal having high crushing strength.