No. It has nothing to do with the ore.
Folding is practiced by idiots who can't get their forge hot enough to fully liquefy the iron, so any steel that forms appears in irregular clumps.
Imagine being such a primitive surface-dwelling sunlight-addled monkey that you actually have to pick out the clumps of steel from your iron bloom literally based on how shiny the clump looks.
Then imagine, being so inept that you have to fold it 1000 times just to even it out and make it usable in a weapon.
THEN imagine tricking yourself into thinking that this is good metalworking
Fucking surface-dwellers what a joke. Just go back to using rocks and sticks.