If your company works closely with Iron, it is time to integrate an API that will notify you with up-to-date information on its price.
The metals market is internationally known as the LME. The use of this definition is based on the acronym that represents its name in English: London Metal Exchange.
The metal market traces its origin to the year 1571 and took shape in the city of London. The merchants who used metals, took advantage of already established regular bases, in order to set a price for each product. Here, you will find a number of metals, Iron being one of them.
If you have a company that trades Iron or have to be continuously getting information on the metals market. You should start integrating a tool that will help the business in touch with everything regarding their prices, forecast, tendencies, and more. Especially, when it comes to Iron, it is key to have a constant eye on it. Let’s see why.
Iron In 2022
With China and Europe decreasing steel production as further supply pressure increases, iron prices are on course to conclude 2022 at their lowest level in three to four years. Studies reveal that price projections for the essential steelmaking ingredient range from roughly $90 per tonne to a high of $115 by the end of the year.
According to data, year-end rates have not been within this range since the 2019 number of $93 per tonne, which was up from the much lower 2018 level of $72.60. In addition, there are mounting concerns about a worldwide recession, additional Covid-19 outbreaks, and a sluggish Chinese real estate market.
The reported cases of Covid-19 and the collapse of the Chinese property market have also decreased the demand for metals like iron and steel globally, combined with rising concerns about a worldwide recession.
Which Countries Have The Most Iron?
Australia makes up more than 29% of global reserves and has the highest iron concentration. It is the nation with the crudest material. Actually, Australia had 930 million tons of crude oil and 580 million tons of iron content in 2018. It is followed by Brazil, which has 480 million tons of ore (of which 250 are iron-containing; and China, which, while ranking third, is the top iron consumer in the world (especially from Australia).
As you can see, 2022 has been a rough year for Iron. Countries have been impacted due to their fluctuations; so have companies and industries. To start 2023 the right way and catch any updates on Iron integrate Metals-API.
Metals-API
The integration of Metals-API in your company’s system will make nothing go unnoticed. Thanks to this application programming interface it is possible to know the real-time prices of Iron. Also, historical prices, create analysis, find patterns, and more.
Metals-API is supported by secure and powerful sources which makes it one of the most metal pricing APIs. Due to its unlimited endpoints, accurate performance, and excellent support it is the go-to API for companies like Chainlink and Mansour.
You can find more about it here https://www.metals-api.com/
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