In the iron-carbon phase diagram, different important reactions occur at different temperatures.
The eutectic reaction is the reaction in which liquid transforms into two solid phases on cooling.
For the iron-carbon system, the eutectic reaction is:
\[
L \rightarrow \gamma + Fe_3C.
\]
Here:
\[
L
\]
represents liquid phase,
\[
\gamma
\]
represents austenite, and
\[
Fe_3C
\]
represents cementite.
This eutectic reaction occurs at:
\[
1147^\circ C.
\]
The eutectic composition is approximately:
\[
4.3\%\ C.
\]
Therefore, the eutectic reaction for iron-carbon system occurs at:
\[
1147^\circ C.
\]