Do you want to keep updated with the current rhodium price? You can do it with an API! In this article, we’ll recommend the best one.
The rarest valuable metal, rhodium, is a byproduct of the platinum industry. It may be found in minerals that include palladium, silver, platinum, and gold together with other metals. Since it is untouched by air and water up to 600°C, metal is corrosion-resistant.
Rhodium prices are more expensive than those of other precious metals because of the metal’s scarcity and the labor-intensive industrial extraction procedure needed to create it. Rhodium ores are extremely rare, and South Africa and Russia together account for more than 80% of the world’s mining production. Only roughly 25 tons are produced globally each year. Rhodium prices have gone up even more as a result of rising demand for metal amide and supply limitations.
The principal application of rhodium in automobiles is in the catalytic converter, which lowers hazardous gas emissions. More than 80% of the world’s rhodium supply serves to the automobile industry. Nitric acid, a vital component in fertilizer manufacture, is made using platinum-rhodium as a catalyst.
Few refineries still deal with this material metal because of the difficulty of getting it and its reliance on other materials. This is true even if the extraction of the material is the obvious answer to a hidden environmental problem around the globe.
Price Of Rhodium Right Now
The price of rhodium peaked in 2022 at $17,500 an ounce. The rise in original equipment manufacturers’ demand, particularly from those that provide components to the automobile industry, is to blame for this surge.
Rhodium’s price has climbed by 23% in less than a week as a result of increasing demand from the Chinese industry as well as original equipment manufacturers. Both of these considerations imply that the recent global chip supply problem is beginning to wind down. This will enable the auto industry to resume the production levels that were less in 2021 as a result of the shortfall.
Use An API With Rhodium Current Prices
This is the most expensive metal in the world. And at the same time, like all precious metals, it is undergoing several changes. This has to do with all kinds of factors, economic and geopolitical, very convulsed like the ones we live in today. In this sense, anyone who wishes to invest in rhodium must be permanently aware of these changes.
How long can it take you to search for prices from sources, and compare them to correctly assess the dynamics of this market? A lot of time and effort for sure. The idea here is to help you with this with the most advanced technology. Metals-API provides you with moment-to-moment rhodium prices. Here is a type of response from the API:
About Metals-API
Metals-API is the most prominent as it takes its data from legitimate sources like LBMA and the world bank. On the other hand, you can see both the current prices, as well as from other times, and compare them.
This will give you a much more comprehensive idea of the market dynamics and its strengths. With this API you will not lack information about future contracts. You can integrate this information on your site to advise your customers. You can count on different programming languages to do it.