One thing I did notice is the system of Alchemy in Rolemaster seems to be that the item is pre-made, by a craftsman/blacksmith etc. otherwise the Alchemist needs to use 'Make' spells - "only required if the material to be worked, xxx, is only available in the form of raw materials" from RM2 Alch 3.2.
If you want your blacksmith character to have possession of the finished magical items rather than the Alchemist who receives your 'raw product' ie the forged and finished sword; then you'll need a new spell list to enchant the ore or better yet find an Enchanted Steel deposit in the game world.
The way I read it is the system is designed that a craftsman completes the item and then it is sent to an Alchemist for enchanting.
Thus it seems that Enchanted Steel is 'created' via the Enchanting Ways spell list on a per item basis.
Otherwise you would mine it from the game world. Likewise new spell lists and requirements for smelting, forging, quenching etc. mined enchanted ore would follow.
Regarding the points below, my view is point 1 would be used for enchanting ores for a blacksmith to work.
Point 2 - I don't think new materials are necessarily needed. Just clarification where existing materials exist and how can be reached.
Point 3 - Maybe extremely high skill is not a requisite - rather treat as similar skill - as long as required special tools are available, e.g. magical anvil, +20 hammers, elemental forge etc.
Point 4 - This looks like what Enchanting Ways does already.
No, the Alchemy rules do not support what you are asking for. You need inherently magical metal (which is expensive) or help by an Alchemist during the working of the item. If you are an ordinary blacksmith, you could make a +20 sword that would be inherently magical by using mithril alloy for the sword, but mithril is valued at 100 times gold, so that's very pricey.
Now, RM is very flexible and you have a variety of options you could use to facilitate your goal, if you are the GM or the GM is willing to embrace one of these approaches.
1) A new spell list. Alchemical spell lists are designed to support creating magic items, not magical raw materials, but that doesn't mean a new list couldn't be developed to work that way. There are a lot of issues to be considered in doing so, as you probably don't want one high-level enchantment on a one-ton bar of metal to allow cranking out nigh-endless +20 weapons.
2) New materials. Existing magical metals have high bonuses and are very expensive. Cheaper (though still dear) and less-powerful metals could be introduced with lower bonuses.
3) New crafting rules. Extremely high skill (at least a bar of 20 ranks, I should think, but quite possibly more) could allow masterworks to be produced with inherent enchantments simply because the crafter manages to put something of himself into the item.
4) Some means of just adding "magicality" to an item. Let the blacksmith make an ordinary +15 sword (white alloy... assuming the tech level allows), then haul it to the magical pool where dipping the sword will turn it into a magical +15 sword or whatever plot-device method the GM prefers.
Of these, option 2 is probably the simplest to implement. Alchemy Companion has some options in that regard already.
