Could Swollen Lumps With Red Rings Around It Be Due To Iron Deficiency?

I have been diagnosed with iron deficiency after complaining of itchy palms and soles of my feet. I was also suffering from aching muscles and joints. The problem I am experiencing is swollen lumps that come & go and could be anywhere on my body. This evening a large swollen lump has appeared on the inside of my left arm and it has a red circle around it & it is very sore. I also have underactive thyroid.