Graphite

Graphite is an ore that was added in the Version 1.1 update. Graphite does not have its respective toolset, but can be combined with an Iron Ingot to create the Steel Toolset.

Graphite
Graphite is a common ore underground and drops 4 Graphite Chunks when broke. These can be combined with an Iron Ingot to create Steel Ingots.

Spawn Rate
Graphite has a semi-common spawn rate and starts to appear around the same layer Gold Ore does. It normally spawns in small chunks.

Trivia

 * Before Version 1.13, Graphite spawned extremely commonly and in massive chunks.
 * Graphite had to be smelted in a furnace to obtain a Graphite Chunk before Version 1.11.