For attaining optimum fatigue resistance of PM steels, high density levels are necessary. In this work, sintered steels Fe-1.5%Mo-0.6%C and Fe-1.5%Cr-0.2%Mo-0.6%C were produced with density levels of 7.1 to 7.6 g.cm-3. Ultrasonic fatigue testing with 20 kHz was performed in push- pull mode up to 10E9 cycles. It was shown that the fatigue endurance strength is strongly improved by higher density levels, but also higher sintering temperatures are beneficial. The Cr-Mo steels proved to be superior to the plain Mo alloyed, due to a more favourable as-sintered matrix microstructure.