During warm forging, materials are formed in the temperature range of $300^{circ}Csim900^{circ}C$. In this temperature range, the friction between the forging die and the material is very high and has a negative effect on the forming process causing severe die wear and possible defects in the component because of stick-slip. Thus, lubrication characteristics are a very important factor for productivity during warm forging. In this paper, ring compression experiments were conducted to estimate the friction factor between the die and the materials as the main factor in characterizing the lubricant. Also, ring tests using normal graphite power as a lubricant coating system were compared with tests using nano graphite powder. The results confirm that the nano graphite is superior to the normal graphite in view of its lubricating effect. In addition, the friction factor (m) was estimated with respect to the amount of the nano graphite content in the lubricant. With 10 % nano graphite the friction factor had the lowest value as compared to other amounts. It can be concluded that the amount of the nano graphite in the coating system can be optimized to obtain the best lubrication condition between the die and the material using ring test experiments.