It depends on what you are making. If you are doing orishigane or harth steel you can run it for about an hour. To smelt iron from ore you need a taller stack and need to run it for a lot longer 4 to 6 hours is normal.
I used rebar. The hc spikes are only are .3 or .4 carbon if I remember correctly so they would work well for orishigane. I wouldn't use them as is though.