兴证期货：论我国钢铁产业“基石计划”的实践探索

Core Insights - China's steel industry faces significant resource supply challenges despite having over 20 billion tons of iron ore reserves, with over 80% being low-grade ore and high extraction costs leading to an over 80% reliance on imports [1][2] - The "Cornerstone Plan" was launched in early 2022 to address the resource shortfall in the steel industry, focusing on the development of key mining areas [1][2] Resource Overview - As of 2023, China's iron ore reserves are reported at 169.17 billion tons, with projections of 200 billion tons by 2024, ranking fourth globally [2] - The complexity of terrain, scarcity of open-pit mines, and environmental constraints contribute to high mining costs [2] - The implementation of the "Cornerstone Plan" has accelerated the development of key mines, with domestic iron ore production expected to exceed 1 billion tons in 2024 [2] Regional Distribution - Major iron ore resources are concentrated in Hebei, Liaoning, Sichuan, Shanxi, and Anhui provinces, with Hebei accounting for 48% of the total production in 2024 [3] - The Anshan-Benxi iron ore region is noted as the largest in terms of reserves and production, holding 21.403 billion tons, which is a quarter of the national total [3] Production Companies - Key iron ore producers in China include Angang Mining, Taiyuan Iron & Steel, and Panzhihua Steel, with a total raw ore production of 3.8 billion tons in 2023 [4] - Angang Mining leads the industry with a comprehensive resource chain and a production capacity of 63 million tons of iron ore annually [5] Specific Mining Operations - The Qidashan mine, operated by Angang Mining, is one of the largest open-pit iron mines in Asia, with a resource reserve of 258 million tons and an annual production capacity expected to increase to 23 million tons post-expansion [5][6] - Taiyuan Iron & Steel's Yuanjiacun mine has a reserve of 1.2 billion tons and has significantly boosted the company's overall production since its commissioning [7] - Panzhihua Steel's operations in the Panzhihua region include substantial reserves of vanadium-titanium magnetite, with a total iron ore reserve of 1.668 billion tons [8] Future Developments - The Xishan iron mine, currently under construction, is projected to be the largest underground iron mine in China, with a resource reserve of 1.3 billion tons and an annual production capacity of 30 million tons [6] - The Chen Taigou mine, part of the Five Mines Group, is set to begin production in 2026, with a designed annual output of 11 million tons [17]