Development of Artificial Neural Network Model for Indian Steel Consumption Forecast

Steel is an essential raw material for various industrial and economic activities in any country. The products of the steel industry also play a significant role in the prosperity and development of society. India is the second-largest producer of steel and one of its largest consumers globally. As a result, this sector plays a vital role in the rapid development of the Indian economy. Studying the previous consumption pattern becomes crucial to understand the growth of steel demand, which will help estimate the future demand trends in this sector. The main objective of this research paper is to develop an accurate model for forecasting steel consumption in India using artificial neural networks. For creating this model, the current study considered multiple input parameters that can influence the country’s steel consumption. The data used in this research are obtained from the websites of various Indian ministries and steel associations. The quarterly data were used to train the developed model, and its performance was measured using various statistical tools. Calculations revealed that the ANN model with two hidden layers has priority over other models. © The Institution of Engineers (India) 2023.