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"Can also serve as any lesser runed enchanting rod."
A Runed Fel Iron Rod was an enchanting tool required for recipes between skill levels of 290 and 350. Since Mists of Pandaria all recipes are served by a Runed Copper Rod.
You could previously train to create this item at a Grand Master Enchanter:
As of Lua error in package.lua at line 80: module 'Module:Inlinegfx/img_link_data.json' not found., only [Runed Copper Rod] is required for [Enchanting]. Other rods give mild prestige to show how far an enchanter advance before Patch 5.0.