Actually قلم رصاص (pencil) is never translated as "cheap pen" Pencil (قلم رصاص: qalam rassáss) means literally (lead pen). Not sure why it is called so in Arabic (since it is graphite and not lead that does the job) but maybe this is in reference to its color (Gray/Grey in Arabic is sometimes called Ramadiy رمادي meaning "ash color" or Rassássiy رصاصي meaning "color of lead"). But "cheap pen" would be قلم رخيص and it means exactly that, not "pencil".
Any writing tool in Arabic would be called Qalam قلم. Some adjective or noun is added to explain (if needed) the type of this tool: pen, or pencil.
Here, we have قلم رصاص (qalam racác) which stands for "pencil". Literally, it means (a pen of lead). Why lead? Well, I guess it's a long story here but I realized many people in other languages do also call it (lead pen).
Ink-based pen would be typically called قلم حبر (qalam Hibr); Literally: ink pen.
that would be: ليس هناك أي قلم رصاص في حقيبتي
The particle (or article) أي (ay) stands for "any" (and it is used as the interrogative particle "which").
Notice here also that I've used حقيبتي (Haqíbatí) for "my bag" - this is the proper way to say (my bag) in proper Arabic.