Are you thinking about investing in recycled metals? You should read this post!
Steel scrap is made up of waste steel or steel products that have been separated by composition and size (or ‘grade’) to make melting easier. There are three types of it: Internal scrap is often referred to as reversion scrap or domestic scrap. It refers to the steel plant’s rejected metal, which is produced during the steelmaking, casting, and finishing processes.
Prompt scrap, or process scrap, is the trash created by the steel plant’s clients, the manufacturing industries, during the product manufacturing process. Scrap salvage from abandoned industrial and consumer objects, such as ships and refrigerators, and building beams and vehicles, is referred to as obsolete scrap.
As the globe becomes more industrialized, outdated scrap resources are expanding due to a higher number of abandoned consumer durables and worn-out industrial equipment. It accounts for over 40% of all worldwide steel production. Steel scrap is utilized in the manufacturing of almost 500 million tons of steel each year.
When compared to making steel from raw sources, recycling steel scrap saves 75% of the energy. Steel scrap recycling consumes 90% less original resources and 40% less water. It also creates 76% fewer water pollutants, 86% fewer air pollutants, and 97 percent fewer mining waste. A typical electrical appliance is made up of 75 percent recycled steel scrap, while steel automotive chassis includes at least 25% recycled steel scrap. Steel cans are made out of at least 25% recycled steel scrap.
Steel scrap is the future industry. London Metal Exchange (LME) controls their values. It updates the prices every day at 16:30 H, London hour. Steel scrap is a very new market but very dynamic too. So you should be updated about the market’s price to make the best decisions for your investments.
If you are looking for a tool that helps you to compare the Steel Scrap Turkey values over time, you can use an API which is an Application Programming Interface. It is an interface that connects two devices and shares information. Metals-API, for example, is an API that collects all the values in metals markets, in all the currencies from the most important financial institutions and banks, in this case, LME.
How Does Metals-API Work?
It can provide live precious metals data to an API with a 2 decimal point precision and a 60-second frequency. Precious metals exchange rates, currency conversion, and live and historical data are just a few of the alternatives.
What steps do you need to take to become a Metals-API member?
- To get an API key, go to www.metals-API.com.
- Before connecting to the API with these symbols, add metal and currency to your list. You may also choose from a variety of programming languages and price points.
- You must complete the objective by pressing the “run” button.
The API should look like this on your screen:
{
"success": true,
"timestamp": 1519296206,
"base": "STEEL-SC",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}