Where did you get that?

"All grades of graphite, especially high grade amorphous and crystalline graphite having collodial property i.e. remaining in suspension in oil, are used as lubricants. Graphite has an extraordinarily low co-efficient of friction under parctically all working conditions. This property is invaluable in lubricants. It diminishes friction and tends to keep the moving surface cool. Dry graphite as well as graphite mixed with grease and oil is utilized as a lubricant for heavy and light bearings. Graphite grease is used as a heavy-duty lubricant where high temperatures may tend to remove the grease."

On the Mohs scale (measure of hardness,) it's a 1, the lowest you can have, much like talc. Long history of use as an industrial LUBRICANT.