Are you seeking an API that will give you information on iron ore spot prices? If that’s the case, you should give this platform a shot.
Iron ores, which are economically exploitable rocks and minerals, can be used to make metallic iron. The ores, which range in hue from dark grey to bright yellow, deep purple, and rusty red, are rich in iron oxides. Steel is largely formed of iron ore (98 percent).
Powdered iron is utilized in paints, printing ink, polymers, and cosmetics, and the remaining 2% is used for a number of other purposes (e.g., eye shadow).
Radioactive iron is employed in medicine and as a tracer element in biochemical and metallurgical research. It can be found in iron blue, artist colors, laundry blue, paper dyeing, fertilizer, baked enamel coatings on automobiles and appliances, and industrial finishes.
In this sense, the term “spot price” refers to the future price of precious metals contracts such as silver, bronze, gold, or, in this case, lead. You cash out after buying or selling a stock at a predetermined price. This industry is noted for moving quickly and affecting a large number of individuals all around the world. As a result, it’s vital to maintain track of their daily rates. An API is the most efficient way to get that data in this case.
What is an API?
An API is a programmatic interface that provides data on practically anything you need almost instantaneously. This occurs because an API allows two computers or programs to communicate with one another.
When you send an API call, such as for metals spot prices, the interface will respond with the expected result. This strategy is used by the majority of international websites because it is effective and time-saving.
Keep in mind that not all APIs are created equal when picking one to employ for this purpose. Metals-API, on the other hand, is a fantastic tool that you might find handy.
Why Metals-API?
Metals-API is one of the most precise and reliable API tools accessible. It gets data every minute from roughly 15 reliable sources. These businesses include banks and financial data companies, for example. You’ll get an accurate estimate as a consequence.
Only two of the roughly 170 currencies, commodities, and cryptocurrencies accepted are Bitcoin and Litecoin. The JSON API (JavaScript Object Notation) eliminates the need for each piece of software to develop its own custom code in order to interface with servers that use a specific format.
How does it work?
You must complete the following in order to obtain the iron ore spot pricing:
1- By going to www.metals-API.com, you can get an API key.
2- To choose the one you want, look up a list of iron ore symbols (IRON) and currency indicators on the internet.
3- Make the API call once you’ve added metal and money to the list of symbols.
4- You have the choice of using JSON or PHP as a coding language.
Also published on Medium.