My understanding is that it is the graphite in cast iron (gray iron) that makes it "self lubricating." Also, keep in mind that there are different kinds of cast iron; here is a link with a good short overview:
http://www.globalspec.com/learnmore...etals_alloys/ferrous_metals_alloys/cast_irons
http://www.globalspec.com/learnmore...etals_alloys/ferrous_metals_alloys/cast_irons