Alchemy is the art of making essences and metal bars. Essenses are used to cast spells, and as ingredients in items. Metal bars are used for manufacturing armour, weapons, and for crafting magic rings and medallions.
Essences are the basic expendable reagents used in Magic, for casting spells. Some may also have uses in other skills such as Manufacture, Crafting and Summoning, as well. They are a necessary item for your journeys.
These all can be made by chance while making their normal versions, while some can be made through 100 normal versions and an enrichment stone.
Bars can be used to make armours, jewelry and weapons, and are the basis of most wearable items, as well as rings. Bars range from common metals such as silver, iron and steel to rarer ores such as Seridium.