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Gonna use these prices...

Nature rune = 290

Coal = 210

Steel bar = 730

Iron bar = 240

Iron ore = 100

 

So straight away you see you lose 50gp per iron bar if you mine the ore yourself... And you make 20gp profit per steel bar, again assuming you mined the iron ore.

 

150 loss per iron bar without mining anything. 80 loss per steel bar without mining anything.

 

Steel bars all bought is a cheaper alternative to alching for easy low cost magic xp, though it's kinda annoying and slow.

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However if it's smithing XP you're after you'll profit from iron knives or cannonballs, despite the superheat.

 

I did that to 55 mage but realized it was a painful mix of clickyness [mining, superheat] and boredom [cannonballs], and a bit slow too...

 

If you want mage xp but don't want to alch - then making tabs can be 'decent' profit and xp, providing you sell in bulk really cheap and dont waste hours trying to get top dollar on w1.

 

Alternatively MTA is more 'fun' and maybe better profit? Need to time the time it takes per mage book and work out gp/hour I guess... Hell, just doing the ench room is fast xp and cheaper than alching. Clicky again though...

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