Tin is a silvery metal that is soft enough to be cut. It is created by the carbothermic reduction of oxide ore with carbon or coke. It is possible to utilize both a reverberatory furnace and an electric furnace. Tin is commonly used in the plating of steel food cans, metals used in bearings, and solder.
Tin is around 3 to 5 times the price of base metals such as zinc, lead, and copper per pound, although it is far less expensive than precious metals such as silver, gold, and platinum. In 2019, it had a worldwide production of 310,000 tonnes, being China the country that most tin produces, with 85,000. It is followed by Indonesia, with 80,000, and Myanmar, with 54,000.
Tin has always been a consistent performer across a wide range of markets. On a worldwide basis, the future forecast for tin value looks to be good. So, if you’re looking for investing in tin, you should know that using an API to stay updated for real-time rates is crucial for your growth.
What’s An API?
An API is a set of definitions and protocols used to develop and integrate application software, enabling communication between two software applications through a set of rules.
Thus, we can speak of an API as a formal specification that establishes how a software module communicates or interacts with another to fulfill one or many functions. All depending on the applications that will use them, and on the permissions given by the API owner to third-party developers.
Why Is It Useful?
The right API can give you real-time rates of any metal or commodity you want. This will help you to stay updated on the prices you need for your business and investments.
To get this information, we recommend using Metals-API, a free API that gives you accurate and fast data about any precious metal you want, in any currency you prefer.
On the free plan, the data is refreshed every hour and has a precision of 2 decimal points. In this case, you’ll also receive 50 API calls each month. If you buy an annual package, you will get more API calls and data each minute.
How Does It Work?
To obtain the data, you must first join the website, obtain an API key, and then select the desired currency and metal. That’s all there is to it, and you may use the API anyway you see fit.
Every minute, Metals-API receives data from over 15 reliable data sources. Banks and financial data providers are among them. As a result, you will receive highly precise pricing. Metals-API shows the current value of the world’s most valuable metals, including 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.