Powder metallurgy (PM) offers several variants to introduce alloying elements for establishing the desired final composition. One route is the master alloy (MA) approach. The composition and the elements contained in the MA can be adjusted to obtain a liquid phase that penetrates through the interconnected pore network and thus enhances the distribution of the alloying elements and the homogenization of the microstructure. Such a liquid phase is often of a transient character, and therefore the amount of liquid formed and the time the liquid is present during the sintering are highly dependent on the heating rates. The heating rate has also an impact on the reaction temperatures, and therefore, by properly adjusting the heating rate, it is possible to sinter PM-steels alloyed with Fe-Cr-Si-C-MA at temperatures below 1250 °C. The present study shows the dependence of the melting regimes on the heating rate (5, 10, 20, 120 K/min) represented by “Kissinger plots”. For this purpose, liquid phase formation and distribution were monitored in quenching dilatometer experiments with defined heating up to different temperatures (1120 °C, 1180 °C, 1250 °C, 1300 °C) and subsequent quenching. Optimum sintering conditions for the materials were identified, and the concept was corroborated by C and O analysis, CCT diagrams, metallographic sections, and hardness measurements.