Forecast of Steel Price on ARIMA-LSTM Model

Haidi Wu; Mingxun Li; Kimhong Lim; Cunrong Li

Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China

Research Article

Forecast of Steel Price on ARIMA-LSTM Model

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@INPROCEEDINGS{10.4108/eai.18-11-2022.2326770,
    author={Haidi  Wu and Mingxun  Li and Kimhong  Lim and Cunrong  Li},
    title={Forecast of Steel Price on ARIMA-LSTM Model},
    proceedings={Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China},
    publisher={EAI},
    proceedings_a={ICEMME},
    year={2023},
    month={2},
    keywords={arima; steel price; forecasting; time series; arima-lstm},
    doi={10.4108/eai.18-11-2022.2326770}
}

Haidi Wu
Mingxun Li
Kimhong Lim
Cunrong Li
Year: 2023
Forecast of Steel Price on ARIMA-LSTM Model
ICEMME
EAI
DOI: 10.4108/eai.18-11-2022.2326770

Haidi Wu¹, Mingxun Li², Kimhong Lim², Cunrong Li³^,*

1: Industrial Engineering Department, School of Mechanical and Electrical Engineering, Wuhan University of Technology, Wuhan, China
2: Mechanical Engineering Department, School of Mechanical and Electrical Engineering, Wuhan University of Technology, Wuhan, China
3: Technical research and development Department, Suizhou Industrial Research Institute of Wuhan University of Technology, Wuhan University of Technology, Wuhan, China

*Contact email: 2832962632@qq.com

Abstract

Forecasting the price of steel is important for the manufacturing industry to make procurement plans and production plans. Price is affected by many factors, considering its time-series characteristics, this paper uses the ARIMA model to predict the linear part and LSTM to predict the non-linear residual part. Simulation results show that ARIMA-LSTM model has higher accuracy.

Keywords: arima; steel price; forecasting; time series; arima-lstm

Published: 2023-02-15
Publisher: EAI

: http://dx.doi.org/10.4108/eai.18-11-2022.2326770