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Author:

Wang, C. (Wang, C..) | Yang, H. (Yang, H..) | Hu, X. (Hu, X..) | He, X. (He, X..) | Liu, J. (Liu, J..) | Liang, C. (Liang, C..) | Lim, M.K. (Lim, M.K..)

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EI Scopus

Abstract:

In recent years, the global dependence on iron ore, a vital strategic resource, has faced unexpected disruptions caused by geopolitical events and widespread health crises. This study investigates the dynamic evolution of the worldwide iron ore trade network from 1991 to 2020 to provide trading nations with effective strategies for reducing supply disruption risks. The classic cascade failure model is modified to incorporate risk absorption and adaptation capacities, allowing it to simulate the dynamic spread of iron ore supply disruption risk. This approach improves the model by considering a country's ability to reduce risk through alternatives, production adjustments, and other measures. Additionally, the redistribution ratio is calibrated using both original trade volume and key trade drivers. The results emphasize the importance of factors such as urbanization rate and industrial structure as the main drivers of global iron ore trade. Furthermore, the study finds that supply disruptions from major exporters like Brazil, Australia, and Canada have a significant impact on the trade network, especially affecting resources and economies in eastern and south-eastern Asia and Europe due to geographic trade constraints. To ensure the stability of global iron ore trade, the study proposes effective strategies, providing valuable policy insights for various nations. © 2024 Elsevier Ltd

Keyword:

Global iron ore trade Trade network Supply disruption risk Cascading failure model

Author Community:

  • [ 1 ] [Wang C.]College of Economics and Management, Beijing University of Technology, Beijing, China
  • [ 2 ] [Yang H.]College of Economics and Management, Beijing University of Technology, Beijing, China
  • [ 3 ] [Hu X.]School of Management and Engineering, Capital University of Economics and Business, Beijing, China
  • [ 4 ] [He X.]College of Economics and Management, Beijing University of Technology, Beijing, China
  • [ 5 ] [Liu J.]School of Economics and Management, Zhejiang Sci-Tech University, Zhejiang, Hangzhou, China
  • [ 6 ] [Liang C.]Logistics School, Beijing Wuzi University, Beijing, China
  • [ 7 ] [Lim M.K.]Adam Smith Business School, University of Glasgow, Glasgow, United Kingdom

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Resources Policy

ISSN: 0301-4207

Year: 2024

Volume: 95

Cited Count:

WoS CC Cited Count:

SCOPUS Cited Count: 2

ESI Highly Cited Papers on the List: 0 Unfold All

WanFang Cited Count:

Chinese Cited Count:

30 Days PV: 6

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