Would you like to find out what the prices are to buy iron ore? If that is your case, surely you trust the prestigious London Metal Exchange (LME). To find out these prices using that source of information, we recommend using this tool. The best LME prices API.
Iron is a metallic element found in group 8 of the periodic table, located between manganese and cobalt. It has an atomic number equal to 26, its atomic mass is equal to 55,847 units, and it is represented by the chemical symbol Fe, short for the Latin “Ferrum”. In addition, it is a transition metal that represents 5% of the earth’s crust. Among the metals, only aluminum is more abundant. The core of planet Earth is composed mostly of nickel in metallic form and iron, so that when it moves it generates a magnetic field.
Iron is the world’s largest production metal and is mainly used as a construction and structural material, since it has high resistance and its production entails relatively low costs. Metallurgy and iron and steel are the industrial sectors that make the most of iron to produce castings and structural steel. Steel is an alloy of iron and carbon, to which other metals such as chrome are usually added to improve certain properties, in this case, its weakness to corrosion. In its pure state, it is used to make powerful electromagnets and galvanized sheet metal.
The largest iron reserves are found in Australia, followed by Brazil, Russia and China. If a European want to find out the prices of this metal, one of the best alternatives is to consult the London Metal Exchange (LME), since it is the world’s largest market in standardized forward contracts, futures contracts and options on base metals. However, we will offer you a much simpler solution, which will get you to LME prices much faster. Its name is Metals-API.
Use Metals-API!
If you are looking for an API (Application Programming Interfaces), Metals-API is the best precious metals API. Its main objective is to deliver metal rates quickly, safely and easily. All this with a precision of 2 decimal places and with update rates of only 1 minute! That is to say, if the iron undergoes any significant change in its price, in just 60 seconds you will be able to update yourself with this news! With its characteristics, you will be able to choose the right moment to invest in this metal.
How to use Metals-API?
1. First, go to www.metals-API.com and at the top right you will find “get API key”.
2. Then, you must register and select a plan. Metals-API has 7 plans, one of them is free but the rest are paid. The free plan has its uses, but it does not take full advantage of the capabilities of this service. We recommend that you carefully read each of the 7 plans and choose which one is best for you.
3. After this, select the metal (iron) and euros (if you are from Europe).
4. When all of the above is done, make the API call.
As a programming language, you can choose between JSON and PHP.
If you have any questions, remember that on the website there is a virtual chat with people to help you.
Also published on Medium.