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War and The Rise of Steel Prices: Get Daily Rates With a Free API

Try out this precious metals api to get informed about the continuous rise in steel prices due to war crisis

The Steel Market Nowadays

Russia’s war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That’s because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers.

Russia and Ukraine are major providers of steel and raw materials to the world. In 2021, steel exports from the two countries stood at about 45 million tonnes (mt), accounting for about 10 per cent of global steel trade.

According to industry figures, the price of steel will continue to move upwards on “good demand” and as the supply chain remains affected amid the Ukraine-Russia conflict, according to industry consultancy. Some marketers said that”The conflict has impacted the movement of raw materials as well as goods. There is a good demand for steel. We anticipate these two factors will further improve the prices.”

Experts said that the domestic steel demand is expected to grow at 7-8 per cent by 2023 on the back of an estimated growth of 11-12 per cent in by 2022, supported by the government’s large infrastructure spending plans.

Metals-API

We recommend beginning with this Metals-API because it gives quick access to data on metals and currencies. This software uses JSONP callbacks, a responding system that uses an accessible language to reply to your request and tell you whether the information you want is available or not. The answer will take up to an hour with a free subscription.

To send a request, you’ll need an API key to enter into the API base URL’s access key; this is how the metals-API API authenticates your key. It might look intricate, but it is not that hard.

Once you get the API key, you can request data in different world currencies and metal rates. In addition, depending on your subscription, you can demand historical data rates, data fluctuation between two certain dates, and other features.

After the creation of an account and the subscription to a plan, you have an API key to send your query. That was the first step. Then, you need to see the list of codes on the web page and choose those necessary for your consult. Next, put your API key and the code in the URL to generate your request and wait for the answer.
Don’t waste any more time and try out this precious metals api for free!

READ MORE:

Use an API to Enter & Exit a Trade with Updated Metals Prices – TheStartupFounder.com

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