Prediction Of Iron Ore Price Based On The Combination Of ARIMA And BP Neural Network

With the rapid development of China's economy,the process of economic globalization is accelerating,which has led to the prosperity of China's infrastructure industry and urban construction.China's industrial development level is gradually entered the middle and late stages.Iron ore is one of the main raw materials for industrial production.Accurating prediction and controlling of iron ore prices can be an important reference for iron ore price negotiations,and provide an indicator for steel companies to respond to the iron ore market situation.Firstly,the pattern of iron ore supply and demand market can be clear by analyzing the global and the development status of China's iron ore supply and demand market.The mechanisms that influence iron ore prices are also explored from five perspectives: supply and demand,cost,policy,market type and finance.Secondly,focusing on 62% of ore fines,this paper use the monthly average spot price of iron ore to construct,realize and verify the model of ARIMA,BP and ARIMA-BP and prediction effect of the single prediction model and the combined prediction model.Finally,on the basis of the iron ore market analysis conclusions and price forecasts,the corresponding countermeasures are proposed to enhance China's leading role in iron ore prices and promote the development of iron ore prices in a more open,fair and transparent direction.