Would you like to be able to keep up to date with the latest news on the price of rhodium? If in addition to this, you add the need to see it in the currency of your country (China), then you will need an API to be able to do all this.
Rhodium is a silvery-white transition metal. It has the distinction of being one of the most expensive precious metals in the world. In general, it is highly valued because it increases the hardness of other elements and is therefore used in alloys with platinum or palladium to achieve high resistance to corrosion. Although this precious metal is very scarce in the world, it has several commercial uses because it is a very good conductor of electricity and because it is extremely reflective.
It is used as a finish for jewelry, mirrors, and searchlights. It is also used in electrical connections and is alloyed with platinum for aircraft turbine engines. Another use is in the manufacture of nitric acid and in the hydrogenation of organic compounds. But without a doubt, the use of rhodium is dominated by automotive catalyst applications, as it is used in conjunction with platinum and palladium to control exhaust emissions.
Due to the increase in demand from the automobile industry due to anti-pollution measures in Europe and China, its price suffered enormous increases. In September last year, it cost more than 71,000 Chinese yuan, but at the beginning of March its price was already more than 140,000 yuan (doubled). But such is its instability, that in 2 weeks it fell by 20%. For this reason, being up to date with its price is transcendental for any industry, especially China.
For this we will use an API, more specifically the Metals-API.
Try Metals-API!
Thousands of developers, small businesses, and large companies use Metals-API on a daily basis. They may use this tool to quickly and easily obtain current worldwide market values for any metal (including rhodium). Metals-API is the main source for real-time precious metals rates due to its reliable data sources, since this program collects data from around 16 reliable data sources every minute. The data is incredibly accurate because it comes from banks and financial organizations. For example: LME, Barrick, Glencore, Mansour, among others.
On the other hand, it also offers you the possibility to see the prices in more than 170 currencies from all over the world. Being a country as important as China, the Yuan could not be left behind. To create an account, you will need to choose one of the 7 available plans, one free and the other 6 paid. Each one has its pros and cons; it mainly depends on what your needs are.
Also published on Medium.