The type of phase reaction that occurs at a given composition on the iron-carbon diagram is what distinguishes eutectic, peritectic, and peritectoid alloys, so locating cast iron's composition on that diagram settles the classification directly.
Since cast iron solidifies through a liquid-to-two-solid-phases transformation at a fixed temperature near the 4.3 percent carbon point, its behaviour matches the eutectic reaction rather than any of the other phase reaction types.
Therefore, the correct answer is Eutectic alloy.