Are you looking to get steel futures prices? Try with an API! This page will demonstrate how to obtain one.
Steel is a set of alloys that alter the purity of the metals that compose it. In this way, the steel becomes a resistant material. It is an essential material in human life. Steel is commonly employed in the building sector.
In addition, small tools, such as utensils, are built with them. They are also the basis for building large machinery. With this material, everything from household appliances to products for the automotive industry is manufactured.
In addition, it is a very important material in the railway industry. Another type of factory that require this material is the shipyards with which boats and ships are manufactured. Many of them were used for oil and gas exploitation.
In the year 2020 alone, the total international production of this raw metal reached 1,877.5 million tons. The most important country in the industry of this metal is China, keeping 57% of world production.
It is a metal that is very prone to the influence of international factors for the fluctuation of its prices. This is what happened after the 2008 crisis when this industry began to decline. However, as of 2017, he managed to recover.
Why Use Steel Future Prices?
Futures contracts involve two parties agreeing on a certain date and a certain price to exchange an asset. The latter is called the “underlying asset” and as in the case of steel, it can be a metal.
The price of the futures contract may vary depending on the type of asset in question. These are contracts that imply standardized conditions. In addition, the person who buys the contract can pay to cancel it before reaching the estimated date.
In principle, there must be guarantees to fulfill the contract. You must start with an amount of money that allows you to avoid counterparty risk. If you want to obtain information on these types of contracts to be able to evaluate whether to invest in steel futures contracts, it is necessary to consult an API. In turn, if you provide services for investors or industries that need this metal, you can share the information through your digital media mechanisms.
Why Use An API?
An API is a technology that sends information and allows users to share it. The “API responses” integrate into the designs of the web pages or applications. It continuously updates.
Metals-API is a very complete option to purchase steel futures prices. In this case, the API can provide you with the most reliable information in real-time. You can also access past prices and see their fluctuation over time.
About Metals-API
This technology will help you think about the best time to invest. Looking at past, present, and future prices, you will be able to anticipate the behavior of the prices of metals and metallic materials. It’s a LME prices API.
It is also very easy to integrate into the architecture of your digital media. Programmers can use it in Python as well as JSON and Php. You can start using it with the free plan right now and explore the various features through the examples in the API documentation.