First, it is because smithing quickly is expensive. If you do not want to take the time to smelt your own bars, then it will cost you plenty to buy them. And very few items will sell for as much as the bars cost, so you won't get all your money back. Second, it is not exactly exciting...but the same can be said of any of the skills that require standing around and doing the same thing over and over.
I can't address the boring part (although I will say that I write or surf while smithing if the task I am doing takes a while), but I can stop it from costing you money. In fact, I can probably help you make money at it (although most people, including me, will want to spend the profits on more XP).
There are two things that you can do at lower runescape powerleveling that will be quite effective at raising your smithing level, even on Free servers:
1. Smelt iron ore into bars. This takes only level 15, which is easy to achieve. Even on free servers where you get only about 50% of your bars from your ores, this is still profitable. Iron ore sells for about 99 gp on the Grand Exchange, and iron bars sell for about 229, so you will make a bit of money at this. On Member's servers, you can use a Ring of Forging to get 100% success for 140 bars, and get even more XP and profit.
2. Smelt iron ore and coal into steel bars. This takes level 30, which can be achieved by the above method quite quickly, or by simply doing the Knight's Sword Quest (will take you from level 1 to almost 30). While you can only make 9 bars per trip, you will have a 100% success rate, and the profit on this is much higher: about 40% return on your money. This can very quickly add up, and the extra profits can be used to finance even more smithing.
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