Bank of China International maintained its buying rating for Iron Goods (1029.HK), with a target price of HK$3.07. Bank of China International said that Iron Goods released the latest operating data for the first quarter of this year. Kuranakh's first-quarter iron ore and ferrotitanium concentrate production was in line with Bank of China International's expectations; the construction and progress of the K&S project (expected to start production in 2013) is progressing smoothly. Bank of China International said that the stock has risen 22% in the past two trading days, and the current price exceeds the stock's IPO price of HK$1.80. Bank of China International also said that the short-term favorable factors for the stock include: continuous improvement in operating conditions during the year, strong iron ore prices and high steel production in China, a further increase in reserves, and the company turned a loss into a profit in FY2011. The stock fell 3.96% throughout the day to close at HK$1.94.