Do you want to invest in recycled metals? This is something you should take the time to read!
Steel scrap is scrap steel or steel products that have been separated for melting by composition and size.
It’s available in three different ways: Internal scrap is often referred to as domestic scrap or reversion scrap. It refers to the steel plant’s rejected metal created during the steelmaking, casting, and finishing processes. Prompt scrap or process scrap is the waste generated by the steel plant’s clients, the manufacturing sectors, during the product manufacturing process. Among the abandoned industrial and consumer products that are retrieved for outdated scrap are ships and refrigerators, as well as construction beams and cars.
Old scrap resources are increasing as the globe becomes more industrialized, leading to an increase in the number of abandoned consumer durables and worn-out industrial equipment. It generates more than 40% of all steel manufactured on the globe. Steel scrap is used to make more than 500 million tons of steel each year.
The scrap steel business is the industry of the future. Their pricing is managed by the London Metal Exchange (LME), and it is updated every day at 16:30 H, London time. Steel scrap is a relatively new industry with a lot of activity. As a consequence, to make the best investment decisions, you need to keep up with market pricing. For this motive, you should try with an API.
What is an API?
A software interface that allows two programs to interact with one another is known as an application programming interface (API). A mobile phone app connects to the Internet and sends data to a server when you use it. The server then receives this data, analyzes it, makes the necessary actions, and sends it back to your phone. The computer after analyzes the data and presents it to you in an easy-to-understand manner.
Metals-API is a good choice in this scenario. You will be able to access the most user-friendly site for tracking live metals prices in just a few simple clicks:
- You can create your API key at www.metals-API.com.
- Look for LME Steel Scrap Turkey in the currency of your choice.
- Before making the API request, use these symbols to add metal and money to the list. You may also select a programming language as well as a price range.
- Finally, you hit the “run” button to complete the task. On your screen, the API will show like this:
{
"success": true,
"timestamp": 1519296206,
"base": "STEEL-SC",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
Why Metals-API?
Metals-API can transmit live precious metals data to an API every 60 seconds with an accuracy of 2 decimal points. Only a few of the features accessible include delivering Precious Metals exchange rates, converting single currencies, and giving live and Fluctuation data.
The data is gathered from the most trustworthy sources, such as financial institutions and banks. In this situation, the data is gathered from LME.