Are you wondering which are the best APIs for effortlessly obtaining coal spot prices in 2023? If so, this is the perfect article for you. Continue reading below and you’ll learn more about it!
Commodities play an important role in our lives. They are utilized for a variety of purposes, ranging from manufacturing to energy generation. These commodities, which might be raw materials or completed things, are exchanged on marketplaces. And their prices fluctuate over time owing to market volatility. This is why it is critical to monitor them in order to make sound financial decisions based on their changes.
Now, coal is a black or dark-brown rock with activated carbon that burns quickly and is mostly composed of plant waste. This resource currently produces more over 36% of the world’s electricity, making it the most abundant energy source.
Coal prices are quoted in dollars per tonne and have been rising since 2010, owing primarily to increased demand from China (which consumes almost half of all global coal). Furthermore, coal prices vary based on the type of coal and quality – for example, thermal coal is usually used to generate power, whereas coking coal is used to make steel.
So, if you want to invest in this commodity anytime soon, we recommend keeping track on coal price changes using one of these dependable and effective APIs for commodities prices.
Coal’s Primary Commodity Applications And The Importance Of An API
Power production. Steam coal, often known as thermal coal, is a source of electricity.
Steel sector. Steel is created by combining iron ore and metallurgical coal, often known as coke.
Different industries. Coal is used in the following industries: paper manufacturers, chemical manufacturers, pharmaceutical manufacturers, and aluminum refineries.
Specialized goods. Coal is used to make construction materials, tennis rackets, kidney dialysis devices, air and water purification filters, mountain bikes, and other things.
Using a commodities API is the quickest and easiest way to obtain commodity pricing data without wasting time or effort. Furthermore, due of its user-friendly design, the Internet is overflowing with APIs that provide data and values for commodities.
Still, you should be cautious because not all of them are dependable and accurate. As a result, we will introduce you to these three APIs to help you get started investing in coal and getting the greatest price on the market.
Commodities-API
Commodities-API, a well-known and dependable open API, is used to display commodity pricing for wheat, rice, coffee, sugar and, of course, coal. It collects and transmits price data from over 15 reliable data sources, including banks and financial institutions, in seconds.
Furthermore, Commodities-API provides data in over 170 different currencies with two decimal points of precision. Depending on the subscription you choose, you can make up to 100.000 API requests per month and receive data updates every 60 seconds.
Moreover, because it uses bank-level security, it is a rather safe API to use. Your connection to Commodities-API is secured with industry-leading 256-bit SSL encryption.
Nasdaq Data Link’s Commodity Price API
Another well-known website where you can get financial, economic, and other datasets is Nasdaq Data Link. A commodity price API is one of the many financial data APIs available. Using this API, you will get access to over 100 different commodities, including the price of various minerals, and oil.
Trading Economics
Trading Economics updates data on government bonds, stock indexes, stock prices, and foreign exchange rates. Thousands of businesses could also obtain basic financial resources.
Customers gain direct access to data via an application programming interface (API) available in a range of computer languages. Using this API, you may check an earnings calendar, download millions of rows of historical data, and subscribe to real-time quotes from global financial institutions.