What goes into making Valyrian Steel.

[ShimShim]

So I've been thinking about this for a while, and I don't think that spells/blood sacrifice/dragon fire are the only things that probably go into making Valyrian Steel. My thought is that Valyrian Steel isn't just normal metal that's been transformed with magic and dragon fire, but a special alloy that needs magic and dragon fire to be formed. What I mean by this is that to make Valyrian Steel (that might be the same as Dragon Steel that was mentioned in the books) I think you need to incorporate dragon bones. The way Dragon bone is described "Dragonbone is black due to its high iron content. It is as strong as other metals, such as steel, yet lighter and more flexible." It matches some of the properties of Valyrian Steel, particularly the lightness, and it being black, we know Valyrian Steel tends to be darker than normal steel, usually dark grey or black. It is also stated that Dragon Bone is "impervious to fire", and so is Valyrian Steel. My thought is that magic and dragon fire are needed in order to incorporate Dragon Bone into the metal which forms the Valyrian Steel alloy. I think with dragon bone being a resource needed for Valyrian Steel, it might also explain why Valyrian Steel might have been so rare, since I imagine Dragon Bone is a very scarce resource, even during the height of Valyria. So components of Valyrian Steel in my mind.

1. Iron/Steel

2. Dragon Bone

3. Dragon Fire

4. Blood/Fire Magic 

[Syl of Syl]

I've been thinking that it's an alloy of dragonglass and iron, forged with dragonfire. Dragonglass plus steel makes dragonsteel.

Dawn seems to have some similar properties and it was supposedly forged from the "heart of a fallen star" which I imagine means the center of this meteorite was at least partially molten which would likely have consisted of iron and some molten rock as well, similar to the idea of forging iron with obsidian.

 

[TwiceBorn]

Perhaps you need dragon blood for tempering and since you cannot find a willing dragon to donate you need some Targaryen woman to finish the job...

Good luck Gendry.

[Vaedys Targaryen]

The things you've mentioned I believe are in it, and my personal theory is also blood; Valyrian magic is known to include fire and blood, so it makes sense if their most famous steel would need it too.

Also, there is only one person in Westeros (that we know of) who can rework Valyrian Steel. Tobho Mott is Qohorik, where they sacrifice to the Black Goat once a day and sometimes they even sacrifice children. It would not surprise me if Tobho Mott used the blood of some of his apprentices to rework Valyrian Steel. Some of them are probably orphans like Gendry, so who is going to miss them?

Valyrian Steel is also described as having "red rippled patterns" across it. That could be the blood that was used to forge it?

[TheThreeEyedCow]

I like the idea that it's made from refined dragon bone. I've never even considered this.

Fire and blood would also make sense. The how would be considered magic. We know dragons were used to build many great things including walls and even roads. It stands to reason that they are essential in the forging of a new VS sword. Maybe GRRM will show us one day?

[chrisdaw]

Souls.

[Chumpai1986]

The main issue here are the Targaryans after The Doom had several dragons that died (plus wild dragons). Dragonstone also has Obsidian IIRC. So, presumably they had all the main ingredients the OP suggests but didn't seem to make many more. 

Ok, let's say that the Targaryans had all the materials. The two main reasons why they wouldn't make more would be: 1. No skilled Valaryian Smith at Dragonstone. 2. Magic was seriously fading from the world at that point, the spells didn't work any more.