Discover how much cost rhenium spot rates employing an API.
Rhenium is a silvery gray heavy transition metal. It is generally produced as a by-product of the extraction and processing of molybdenum and copper ore. In its compounds, rhenium’s oxidation state varies greatly.
Jet engines use nickel-based superalloys of rhenium for combustion chambers, turbine blades, and exhaust nozzles. Because these alloys include up to 6% rhenium, jet engines are the most typical application for the metal. Rhenium is a good hydrogenation and isomerization catalyst, and it is used in the catalytic reforming of naphtha for use in gasoline, for example.
Rhenium prices are highly volatile due to variations in supply and demand. Due to a lack of supply compared to demand, it is expensive, with prices reaching an all-time high of US$4,800 per pound in 2008/2009. Due to increasing rhenium recycling and a decline in demand for rhenium in catalysts, the price of rhenium has dropped to US$1,290 per pound as of July 2018.
As a result of these factors, breaking into the Rhenium industry might be challenging, but not impossible if you have the correct tools. In this case, you’ll need to use an API, which is an interface that connects two devices and sends data between them, to stay up to date on the spot price of this type of metal. And while there are several of them available online, only Metals-API includes real-time currency and metals data.
Why Metals-API?
It’s an A.P.I. or Application Programming Interface. Metals-API collects real-time precious metals data that is updated every 60 seconds and is accurate to two decimal places. Only a few of the options offered include delivering Precious Metals exchange rates, converting specific currencies, and providing Time-Series and Fluctuation data. Any number can be converted between currencies, metals, and currencies such as Rhenium, gold, and magnesium using the tools given.
Metals-API collects data from approximately 15 reliable data sources per minute. Among them are financial data suppliers and banks. As a result, your cost will be quite precise. Metals-API calculates the current market value of precious metals such as gold, silver, aluminum, platinum, and palladium. The website’s data can be used in a variety of locations, including spreadsheets, other websites, and mobile apps.
How does it work?
- Your API key will be provided by www.metals-API.com.
- Look through the list of rhenium symbol (RHENIUM) and monetary signs on the internet to find the one you want.
- Once you’ve added metal and currency to the list of symbols, make the API request.
- As a programmer, you have the option of using JSON or PHP.
Also published on Medium.