Would you like to know why using an API for coal prices might be practical? In this article we have prepared a brief guide on coal as a commodity, and which is the best API to get coal prices.
With costs more than doubling since the end of last year, coal, which is frequently referred to as the dirtiest energy source and is despised by environmentalists, has had a rebirth this year. After the world’s attempts to achieve net-zero emissions, traders are now caught between the possibilities for a gain that will continue and those of a pullback.
According to FactSet data, on December 6, Newcastle coal futures NCFF23, -1.61%, the benchmark for thermal coal exported from the Newcastle coal terminal in Australia to the Asian-Pacific region, were at $408.80, up 141% from December 31, 2021. This is based on the most active contracts traded on ICE. This year, the growth in coal prices is the largest among the key commodities.
There are several types of coal. However, each variety has a unique purpose. In addition to being used to produce electricity, coal is also used to make cement, iron, and steel. Pig iron is made from pig iron, which is made from coke, which is made from coking coal. As natural gas and nuclear power are used more frequently, less coal is being used to generate energy. However, global coal production is rising for other reasons.
Main Uses Of Coal As A Commodity
The four categories below represent the primary use cases for coal as a commodity:
-Power production. A source of electricity is steam coal, commonly referred to as thermal coal.
-Steel sector. Steel is made by smelting iron ore with metallurgical coal, also referred to as coke.
-Different industries. Coal is used in the following industries: makers of paper, chemicals, pharmaceuticals, and aluminum refineries.
-Specialized goods. Construction materials, tennis rackets, kidney dialysis devices, air and water purification filters, mountain bikes, and other products are all made from coal.
Why Is It Useful To Use An API For Coal Prices?
The fastest and easiest approach to get data on commodity prices without wasting time or effort is by using a JSON API. Additionally, the Internet is teeming with APIs that offer data and values for commodities because of its user-friendly design. You should use caution, though, as not all of them are reliable and accurate. As a result, we strongly advise using Commodities-API, one of the most dependable and comprehensive APIs currently accessible.
So, now that you have learnt why using an API for coal prices might be practical, we suggest using Commodities API. With Commodities API you will be able to get real-time coal prices in just a few seconds. Start using it right now!
In order to learn how to start using Commodities API to get real-time coal prices, follow these simple steps:
-Log in to commodities-api.com with a new account.
-For the connection, an API Key needs to be generated.
-Select a product and its price range.
-The application will provide an API response in response to a request you make through the gateway.
Concerning Commodities API
For a fee, a service by the name of Commodities-API offers market information for a number of commodities, including coffee, cereal, and oils. They can be purchased by customers through an API, which can be set up with partner banks in under a minute. The website includes easy usage instructions for the API.
Commodities API has been one of the most well-liked solutions among business owners and developers thanks to its user-friendly features and accurate data. It has access to over 170 distinct coin kinds and can retrieve data with a precision of two decimal places.