Forecasting the price of steel requires analyzing a blend of factors such as supply and demand, raw material, and energy costs.
However, the value lies in knowing exactly which holds the most weight & relevance at any given point in time.
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Crude oil is a key raw material in the production of steel, particularly in the manufacturing of steel products like pipes and tubes. Price fluctuations can impact the cost of energy and transportation, which are significant components of steel production costs.
Changes in the price of carbon steel scrap can directly impact the production costs for steel manufacturers. When the price of carbon steel scrap increases, it can lead to higher input costs for steel production, which may result in higher steel prices.
China is the world's largest producer and consumer of steel. The performance of the Chinese steel market has a significant impact on global steel prices. It thus provides insights into the trends and dynamics of the Chinese steel market, which can influence steel prices worldwide.
Going from using the same 5 indicators, to testing a large set of indicators, they received immediate feedback on which indicators to use or consider for each forecast.
This also gave them the ability to track market trend shifts at a higher frequency and improve their forecasts.
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