Graphite is for specialty applications only. It is not an average Linseed Oil Paint color and should not be mistaken or confused with Ottosson Dark Grey Linseed Oil Paint.
Ottosson Graphite, the same graphite used in your reliable No. 2 pencil, is a very traditional coating for demanding exterior metal surfaces, such as roofs, gutters, farming equipment, etc.
For such applications, apply as a top-coat to the Iron Oxide Minium "primer."
It can also be used as a stove-blacking for metal exposed to high-heat such as cast iron stoves for example.
If surface rust starts to develop over time, clean the surface with linseed oil soap or wipe down to ensure a clean, dry surface before applying another relatively thin, even coat of Graphite.
Note: Graphite should not be applied on high-traffic areas or surfaces that will be touched or sat upon as it can easily leave marks or rub off.