The event is ON. It is a 40% boost to enhancing, forging, and refining. They said it is a surprise event, I think that's why they do not announce it anywhere. The event last until 8th May.
I think refining has the lowest rate compared to enhancing and forging. I forged my new sword and it didn't fail at all. Anyway why bother to dlvl sedorian to lvl 40, exp isn't that bad at that lvl.