Waste
If the recipe failed, you get a waste after right-clicking with the molten alloy on a smithing table
Time
Right-click with a clock to get how long the melting has been going on
Structures
Put a magma block, a cauldron and an iron trap/chain on top of each other to create the blacksmithing structure
Success
An example of a successful recipe
Get the molten alloy
Right-click with an empty bucket on a full cauldron to get the molten alloy
Custom crafts
You can add custom crafts with normal material and the result materials of blacksmithing recipes