Do you want to know why you need to know about coal prices APIs and how to use them? If so, keep reading to find out!
Coal is a fuel-grade black or dark-brown rock that burns quickly and is mostly composed of plant waste with activated carbon. It frequently appears in subsurface seams. This commodity is currently the most abundant energy source; providing more than 36% of the world’s electricity. In fact, electricity generated by coal-fired power plants accounts for close to a quarter of global production.
It also supplies heat for both domestic and industrial usage, lights up buildings and streets, and drives most of the machinery and equipment used in homes, offices, and businesses. Thus, coal is just as important to traders as oil and gas.
Changing coal prices have an effect on the economy, much as changing oil and natural gas prices do. And, since the market is always evolving, it is essential to keep up with all recent and previous changes. By performing manual research on several stock market websites, you can stay up with them. But it takes a lot of time and work to use this approach. Not to mention, mistakes are easy to make because prices change constantly.
Fortunately, with the help of an API for commodities prices, one can easily acquire the most recent coal prices as well as the historical rates at any time!
What Is An API For Commodities Prices?
When two apps connect to one another, specific data can be sent and received. An application programming interface, or API for short, is a piece of software that mediates this communication. A commodities prices API enables your applications to easily access current and historical commodity price data that has been compiled from a range of trustworthy financial sources.
Using a JSON API is the most efficient way to obtain data on commodity prices without wasting time or effort. Additionally, because of its user-friendly interface, the Internet is filled with APIs that provide data and values for commodities. However, you should proceed with caution because not all of them are trustworthy and accurate. Because of this, we strongly suggest using Commodities-API, one of the most reliable and complete APIs available today.
With the use of Commodities-API, you will be able to get spot pricing commodities data; as well as historical rates from over 15 trustworthy data sources, including banks and financial institutions, who vouch for the accuracy of the data.
How To Use This API To Obtain Coal Prices
- First, create an account at Commodities-API to obtain an API key. You can also choose the plan you want to utilize throughout this step. The three plans offered by Commodities-API are starting (no-cost), basic, and professional. After weighing their differences, pick the one that best suits your demands. If you select the first plan, for instance, you will get hourly commodities updates for no-cost!
- Check your API key. Simply enter your bearer token into the authorization header
- Next, choose the currency in which you want to see your pricing, and finally, pick the commodity symbol you want (in this case, coal). Keep in mind that there are 170 different currencies available!
- Finally call the API and wait for the results!
Related post: Top 3 Historical Commodities Prices APIs Every Developer Should Know
Also published on Medium.