Grey Model Forecasting of Steel Material Price in Taiwan

The main purpose of this research is to use the Grey prediction model to construct a method to predict the price of steel in Taiwan as a reference for the manufacturing industry to use when raw material costs fluctuate greatly. The research results show that the cost forecast error rate is less than 3%, which has a high reference value. Therefore, the results of this study can be used as a reference for Taiwan's manufacturing industry to establish cost control and procurement risk early warning.