Empowered Molten Ring

Head to Hwarone City and enter Yun Moos Weapon Shop at (73,34).
To enter Hwarone you will need to do the Hwarone Entrance Quest.

Talk to YunMoo about "Molten Ring Upgrade".
He will ask you to return with a Fire Essence and an non upgraded ring.

You can purchase the rings from him for 200,000 coins each.
(Keep in mind you will be adding 1 stat point to your chosen ring, so choose appropriately.

Head out of Hwarone City and into Alsaids Fire Canyon 1.
You must now wait until you are hit by a vent of steam. This can sometimes take a while.
(The Fire Essence has no image, so keep checking your inventory)

Once you have the Fire Essence return to YunMoo and click "Molten Ring Upgrade" again.
He will ask which ring you want to upgrade, and then ask which stat you would like to add.

You will receive an Empowered Ring

Quests

Empowered Molten Ring