A waterborne lubricant, useful in the plastic working of metals, which imparts a lubricating behavior to the surface of metals in the absence of a conversion coating contains (A) water-soluble inorganic salt and (B) wax, wherein these components are dissolved or dispersed in water and the (B)/(A) solids weight ratio is 0.3 to 1.5. The (C) metal salt of a fatty acid can also be present at a (C)/(A) solids weight ratio of 0.01 to 0.4. The water-soluble inorganic salt (A) can be selected from the sulfates, silicates, borates, molybdates, and tungstates. The wax (B) can be a synthetic wax having a melting point of 70 to 150null C. A lubricating coating is formed by application to give a post-drying add-on of 0.5 to 40 g/m2. A method for using said lubricant is also provided.