Are you trying to obtain iron ore rates in USD? Then try using an API?
Iron ores are rocks and minerals that can be commercially mined for metallic iron. They are abundant in ores ranging in color from dark grey to bright yellow to deep purple to rusty red. Furthermore, they constitute the world’s principal supply of iron for the iron and steel industry.
Almost all iron ore (98%) is used to make steel, and it is mined in over 50 countries. The demand for five key steel products, including rebar, wire rod, and hot-rolled coils, appears to be increasing. As a result, iron ores have enhanced steel output.
With this in mind, it is evident how vital this metal is to the worldwide industry. This is why it is critical to know the rates every hour, especially in USD. For this, an API, which is an interface that takes data from a location and displays it to you, is really handy. In this scenario, it obtains the iron ore prices from an official source and then makes them available to you.
How To Get An API
There are several softwares available online that allow you to obtain iron ore prices in USD via an API. However, not all of them function the same way, so you need to be cautious about which one you select to avoid losing money.
To further explain everything, we’ll utilize what we believe to be the most comprehensive and effective API available online: Metals-API. This is a free web API that offers metal rates in many currencies.
You must do the following to receive the information:
- Go to www.metals-API.com and create your own API key.
- Look for the iron ore and the US dollar symbols (IRON and USD).
- Before performing the API request, add metal and money to the list using these symbols. You may also select a programming language and a variety of price options.
- Finally, you hit the “run” button, and you’re done! The API will be displayed on your screen.
The result will look something like this:
{
"success": true,
"timestamp": 1519296206,
"base": "IRON",
"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,
[...]
}
}
Where Is This Information Obtained?
Metals-API collects data from around 15 reputable data sources per minute. Banks and financial data providers are among them. As a result, you will receive incredibly precise pricing. Metals-API is used to calculate the market value of precious metals such as gold, silver, aluminum, platinum, and palladium. The website’s data may be utilized in a variety of places, including spreadsheets, other websites, and mobile apps.
Also published on Medium.