I never really worked with pure iron, for obvious reasons, but I'd bet it's terrible to forge thanks to it's brittle nature. We use pure iron for high grade steel and alloy casting, things a medieval civilization has absolutely no clue other than bronze and brass. You could theoretically smelt "average" iron with the pure, but it's a hit or miss, not to mention the fuel and time investment. In my opinion, pure iron would have a bad reputation and would cost far less.