Graphite is a model system for the study of three-dimensional electrons and holes in the magnetic quantum limit, in which the charges are confined to the lowest Landau levels. We report magneto-transport measurements in pulsed magnetic fields up to 60 T, which resolve the collapse of two charge density wave states in two, electron and hole, Landau levels at 52.3 and 54.2 T, respectively. We report evidence for a commensurate charge density wave at 47.1 T in the electron Landau level, and discuss the likely nature of the density wave instabilities over the full field range. The theoretical modeling of our results predicts that the ultraquantum limit is entered above 73.5 T. This state is an insulator, and we discuss its correspondence to the “metallic” state reported earlier. We propose that this (interaction-induced) insulating phase supports surface states that carry no charge or spin within the planes, but does, however, support charge transport out of plane.