It's basically a low pressure sliding surface grease.

See my comments in the other post in this thread a few minutes ago
explaining that molybdenum grease is something quite different.

In fact for the base of a steering column, where there is little risk of
the stuff escaping and getting on things it shouldn't, molybdenum grease
would do fine, but it's a bit over the top - it's intended for extreme
pressure sliding surfaces like CV joints and ball joints.

It is vital you do not use molybdenum grease in roller bearings or
needle rollers, such as trailing arm pins.

The major use of graphite grease is things like door latches, hinges and
checklinks, where the expense of molybdenum grease is not justified (but
what does that matter if you've already got some moly but no graphite
grease?) and where the nasty black sticky staining nature of moly grease
is a potential disaster on someone's good clothes.