Iron ore prices rose as investors assessed the prospects of an end to the bearish wave that pushed the price below $90 a tonne earlier this week, touching its lowest level in nearly two years.

The most active iron ore futures contract on the Singapore Exchange jumped 2.52% to $92.90 a tonne at 10:08 a.m. Mecca time.

This came after falling to $89.6 a tonne during the session last Monday due to the continued decline in Chinese steel demand due to the faltering real estate sector.

The focus of investors and market participants is currently on assessing whether the price of the industrial metal has reached a support level at $90 a tonne or not, and whether the price decline has caused high-cost mines to exit the market.

Bloomberg reported that major mining companies such as BHP Group, Australia’s Rio Tinto and Brazil’s Vale SA may not be able to cut production to support prices due to the size of their operations and low operating costs. But the continued decline in the price of iron ore could push smaller producers, especially in India and Brazil, out of the market, according to the report.