An ingot steel for bearings has a composition containing C: 0.56% by mass or more and 0.70% by mass or less, Si: 0.15% by mass or more and less than 0.50% by mass, Mn: 0.60% by mass or more and 1.50% by mass or less, Cr: 0.50% by mass or more and 1.10% by mass or less, P: 0.025% by mass or less, S: 0.025% by mass or less, Al: 0.005% by mass or more and 0.500% by mass or less, O: 0.0015% by mass or less, N: 0.0030% by mass or more and 0.015% by mass or less, and a remainder of Fe and incidental impurities, wherein eutectic carbide formation index Ec satisfies 0