I would think that it would take a Blacksmith of Exceptional talent to be able to forge anything out of it, but if he did, it might merit magical qualities without necessarily being magical. Of course the cash to cover the Blacksmith and the expences would be substantial.

The primary issue would be the actual heating and forging of the metal, Meteoric iron has been subugated to temps over 4k degrees and hardened, to forge you'd have to have the knowledge to be able to get a forge up to at least that, which would be a hell of alot of coal and several people on bellows constantly. A normal forge will only come up to 2K-2.5K, so 4K is almost exponentially hotter, and you'd have to get to 4K to break down the hardness and then after forging would need to go back to re-harden the steel...

Here is a link for the colors, temps and melting points of various steels..

and another with Blacksmiths specifically talking about working with meteoric Iron.

And a longer discussion of Forging Meteoric Iron...
 

Thank you Black Knight and BA23. Taking both of your answers into account, I would say that the players can sell the ore for a goodly sum but crafting anything with it is far beyond their capabilities.

The actual properties of star metal are not that important. The lengths that people, organizations, and kingdoms would go through to posess the star metal...that's important.

mabon5127 wrote:

The actual properties of star metal are not that important. The lengths that people, organizations, and kingdoms would go through to posess the star metal...that's important.

Thanks for reminding me that the meteorite is simply a MacGuffin before I went down the rabbit hole. You are absolutely right in saying that the properties and uses of the star metal are irrelevant to my players' enjoyment.

Anyway, here's the elevator pitch. I keep my exposition short and sweet.  

A Yithian possessed a respected astrologer and, with the assistance of local villagers, erected strange granite slabs that demarcated a parcel of the Lug Wasteland. Ostensibly, this was to increase the harvest and ward off monsters but in reality this was part of a Celestial Array to attract a particular heavenly body. Knowing the precise moment when the meteorite would strike, the Yithian-astrologer had a party of adventurers set to retrieve the prize but things went horribly wrong...

Brock Savage wrote:

mabon5127 wrote:

The actual properties of star metal are not that important. The lengths that people, organizations, and kingdoms would go through to posess the star metal...that's important.

Thanks for reminding me that the meteorite is simply a MacGuffin before I went down the rabbit hole. You are absolutely right in saying that the properties and uses of the star metal are irrelevant to my players' enjoyment.

Anyway, here's the elevator pitch. I keep my exposition short and sweet.  

A Yithian possessed a respected astrologer and, with the assistance of local villagers, erected strange granite slabs that demarcated a parcel of the Lug Wasteland. Ostensibly, this was to increase the harvest and ward off monsters but in reality this was part of a Celestial Array to attract a particular heavenly body. Knowing the precise moment when the meteorite would strike, the Yithian-astrologer had a party of adventurers set to retrieve the prize but things went horribly wrong...

I agree with Iron Ranger!  Great idea.