The disclosure relates to a cold rolling fluid, including: (a) a hydrocarbon base including at least 50 wt % of isoparaffins; (b) one or more frictional modifiers selected from among fatty alcohols, fatty acids, fatty amines, fatty acid esters, or polymer esters resulting from the esterification of alpha-olefin copolymers and dicarboxylic acids using alcohols; and (c) one or more phosphorous anti-wear and/or extreme pressure additives. The disclosure also relates to an emulsion containing the rolling fluid and to the use of the rolling fluid for cold-rolling steel.