Structural Evolution and Cascading Propagation of Supply Risk in the Global Nickel Industry Chain: A Multilayer Network Approach.

Geopolitical conflicts, resource-protection policies, and unexpected disruptions have heightened supply-security concerns across the global nickel industry chain. This study constructs a multilayer trade network based on complex network theory to characterize structural evolution across the upstream, midstream, and downstream segments and applies a cascading-failure model to simulate the propagation of supply risks. There are four main findings: (1) The global nickel trade network exhibits pronounced layer heterogeneity, with the midstream layer acting as the principal amplifier of cascading failure risks. (2) Nodes with high centrality and broad cross-layer participation largely coincide with the countries that generate the largest systemic risks. (3) A small group of countries controls most trade flows and dominates risk transmission. (4) The center of systemic risk is shifting from traditional industrial and trading economies toward resource suppliers and countries that integrate resource extraction with processing. These findings support a risk-governance strategy based on diversified supply sources, dynamic monitoring of critical nodes, improved resilience in midstream smelting and refining, strategic resource stockpiling, and the circular utilization of nickel resources.