Abstract: Fe—Ni—Cr alloy contains, in mass, from 0.001% to 0.050% of C, from 0.18% to 1.00% of Si, from 0.20% to 0.80% of Mn, 0.030% or less of P, 0.0001% to 0.0020% of S, from 12% to 21% of Ni, from 18% to 24% of Cr, from 0.20% to 1.50% of Mo, 0.30% or less of Cu, from 0.10% to 0.70% of Al, from 0.10% to 0.70% of Ti, from 0.002% to 0.015% of N, from 0.0001% to 0.0010% of B, from 0.0002% to 0.0030% of O, 0.002% or less of Ca, and from 0.0010% to 0.0150% of REM in total, said REM being composed of one or more elements selected from among La, Ce and Y, with the balance being made up of Fe and unavoidable impurities, and which satisfies formulae 1 and 2. Formula 1: 0.575xNi+1.25xCr+3.43xMo-39xP-5.3xAl-641xREM-1018xO?20.0 Formula 2: 1.5xMn+41.3xSi+1469xS-1.67xAl-1.34xTi-150xO-620xREM?5.0.