A soft magnetic alloy consists essentially of 5 percent by weight≦Co≦30 percent by weight, 1 percent by weight≦Cr≦20 percent by weight, 0.1 percent by weight≦Al≦2 percent by weight, 0 percent by weight≦Si≦1.5 percent by weight, 0.017 percent by weight≦Mn≦0.2 percent by weight, 0.01 percent by weight≦S≦0.05 percent by weight where Mn/S is >1.7, 0 percent by weight≦O≦0.0015 percent by weight, und 0.0003 percent by weight≦Ce≦0.05 percent by weight, 0 percent by weight≦Ca≦0.005 percent by weight and the remainder iron, where 0.117 percent by weight≦(Al+Si+Mn+V+Mo+W+Nb+Ti+Ni)≦5 percent by weight.