These are basically solid lubricant dispersions either in oil or water.
They are mainly used in hot/cold forging applications. They are formulated using specially lubricity and EP additives to promote metal flow. Graphite as a solid lubricant works very well at extreme temperatures.
Forging lubricants increase die life, provide good release and give a good surface finish to the components being forged.
Forging lubricants can be used in the forging of Crankshafts, axles, bevel gears and many other automotive components.