Would you want to discover how the price of Rhenium has fluctuated over time? This is the post you’ve been searching for!
Rhenium is a silvery gray heavy transition metal. It’s a by-product of molybdenum and copper ore extraction and processing. In its compounds, rhenium’s oxidation state varies greatly.
Jet engines use nickel-based superalloys of rhenium for combustion chambers, turbine blades, and exhaust nozzles. Jet engines are the most typical use for these alloys, which contain up to 6% rhenium. Rhenium is used in the catalytic conversion of naphtha into gasoline because it is an excellent hydrogenation and isomerization catalyst.
Rhenium’s price fluctuates a lot owing to supply and demand fluctuations. Prices reached an all-time high of US$4,800 per pound in 2008/2009 due to restricted supply relative to demand. Due to increasing rhenium recycling and decreased demand for rhenium in catalysts, the price of rhenium had dropped to US$1,290 per pound as of July 2018.
Due to these factors, breaking into the Rhenium industry may look challenging, but it isn’t impossible if you have the correct tools. The market is very dynamic and is for this reason that you have to be updated of the prices and compare the rhenium costs over time.
The tool that you need is an API that is an interface which connects two device and send information between them. While there are many other APIs, Metals-API is the only one that provides fluctuation data of the metals and real-time prices.
Why Metals-API?
Metals-API is a fantastic choice for this project. It can provide live precious metals data with a 2 decimal point precision and a 60-second frequency. Only a few alternatives include precious metals exchange rates, currency conversion, Time-Series, and Fluctuation data.
It gathers market data prices in a variety of formats and frequencies from a variety of trade sources and organizations worldwide. Commercial sources, especially for major currencies and commodities, are also favored since they provide a more realistic picture of market exchange values.
Furthermore, the system assigns a distinct priority to each data source to obtain the best level of coverage and precision. This also helps to avoid inconsistencies by providing precise spot conversion rates for the great majority of currencies to six decimal places.
The Metals-API fluctuation endpoint may also be used to acquire daily currency fluctuations information. Simply select a start and end date, followed by the currencies (symbols) for which you want to query the API. Keep in mind, however, that the maximum time is 365 days.
The best part is that it is quite simple to use:
- www.metals-API.com will provide you with an API key.
- Look for the Rhenium symbol (RHENIUM) and currency sign you want to use in the list on the page.
- After you’ve added metal and money to the list using these symbols, make the API call.
- As a programming language, you can use JSON or PHP.
This is the API request:
https://www.metals-api.com/api/fluctuation ? access_key = API_KEY & start_date = 2015-12-01 & end_date = 2015-12-24
And this is the API response:
{
"success":true,
"fluctuation":true,
"start_date":"2018-02-25",
"end_date":"2018-02-26",
"base":"RHENIUM",
"rates":{
"USD":{
"start_rate":1.228952,
"end_rate":1.232735,
"change":0.0038,
"change_pct":0.3078
},
"JPY":{
"start_rate":131.587611,
"end_rate":131.651142,
"change":0.0635,
"change_pct":0.0483
},
[...]
}
}