Varaxite Reel is one of the materials to craft 
Varaxite Rod in Rod Crafting table.
Recipe
You can smith reels using Anvil.
| Smithing Level | Material | Materials Required | XP for forging | Sells for |
|---|---|---|---|---|
| 76 |  Varaxite Reel |
7x Varaxite Bar 3x Threads |
140,000 | 69,000 |