The quality of American, Japanese, and European steel is more respected than Chinese steel. There have been some cases of Chinese-made steel being advertised under the brand name of a steel that is made somewhere else. But many Chinese companies do indeed source steel from Japan, Europe, and the USA. If you compare knives with the same blade steel manufactured in different areas you can get an idea of the effect of labor cost, overhead, etc. vs only the steel.
Steel itself, especially in a folder, can be quite cheap (a few dollars per knife even with high end steels). With $50 and cheaper knives that can be a significant percentage of cost but in higher end knives it isn’t a major factor, The cost comes from the greater difficulty in processing those steels.
The quality and cost of the rest of the knife also impacts the price in ways the average knife buyer doesn’t always understand. For example an American made Hogue with titanium milled handle is over $300 while their polymer handle knives are less than half the price. So companies often make their fancier models in higher end steels and the customer erroneously believes it is the steel leading to the higher cost.
For an extreme example, if you use a steel with low carbide content like a 420 series steel you can “fine blank” the steel parts and then grinding and finishing is also extremely easy. The steel is cheap and then processing it is also as inexpensive as possible, With a high wear resistance steel the company would need to laser or waterjet cut (more expensive) and then they would find the grinding to be much more finicky. Polishing sometimes requires different methods altogether.