Hi, i'm new here, looking at your lathe pic, bottom right corner, box with the drill chuck key in, is that not an inside jaw? If you do get it in the chuck, as already mentioned, drill a center hole and get a center in the tailstock, pretty cheap a center for that lathe, 1MT. Oh you'd want the back gear engaged to turn it, and faster to center drill.... It'll struggle a bit but the lathe would cut it! oh aye sorry, i jumped in here as i'm a turner....
... and on a slightly picky but safety related note .... NEVER leave the chuck key in the chuck as per your photo. If the lathe is started with a key in the chuck it will likely do you no end of harm! The chuck key should be regarded as an extension of your hand - in - use it - and out again.