Would you be interested in using a tool that could help you save time and money? We’ll talk about how to in this article.
One of the most significant industries in the world is the coal industry. More than 80% of the steel industry and more than 40% of the world’s electricity are produced there. Yet it is not a reliable sector. Prices are always changing, and if your business doesn’t monitor them, you might lose a lot of money. For this reason, many businesses have started using API to obtain up-to-the-minute information on coal pricing. By doing so, they may organize their sales and purchases in advance and guarantee that they are always getting the best deal.
But, not all APIs are created equal, therefore we looked online for the greatest Coal Prices API that is currently available. An API can help you by providing real-time data on coal prices across multiple international markets. By doing this, you may decide on your trading strategy more wisely and stay up to date on market circumstances at all times.
Many variables contribute to the fluctuating price of coal. Supply and demand is one of the important elements. Price hikes are typical during times of increased demand for coal. Prices frequently increase when a certain commodity or service is scarce. Geopolitical changes are another element that could influence coal pricing. For instance, when there are disagreements between nations, this may result in delays in the shipment and manufacturing of coal, which can raise costs.
For the purpose of knowing how much to spend on the coal they require, people are continuously looking for precise coal prices. Nevertheless, given the wide range of variables that could have an impact on coal pricing, this can be a challenging undertaking. For instance, a few factors that could impact coal’s price include location, quality, and quantity.
The best choice if you’re looking for precise coal pricing information is without a doubt the Commodities API.
Commodities API: What Is It?
Via the Commodities API, which is made available by more than ten distinct exchange rate data providers for commodities pricing, developers can obtain real-time information on the value of commodities. The API offers a large number of endpoints, each of which has a specific function. Data on one or more currencies, information about daily changes, value conversion, and time series data for one or more currencies are all available through the endpoint. For the most recent commodity rate information for all or a particular group of currencies, it can also submit API calls.
The responses you receive from this API will vary depending on the commodity you’re looking for. In this case, we’re curious to learn more about coal. You may look up information on coal by using the coal symbol provided by the API (COAL):
{"data":{"success":true,"timestamp":1681744080,"date":"2023-04-17","base":"USD","rates":{"COAL":0.0073126142595978},"unit":"per tonne"}}
As you can see from the response, one dollar is equivalent to 0.0073126142595978 tonnes of coal.
All You Have To Do To Utilize It Is:
- Go to Commodities API and simply sign up, when you are done you’ll be ready to start using the API!
- Employ the different API endpoints using the symbols given by the API depending on what you are looking for.
- Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.
The Commodities-API provides data in more than 170 different currencies with a precision of two decimal places. Depending on the subscription you select, you can make up to 100.000 API requests per month and get data updates every 60 seconds. There is a seven-day trial period available for this API.