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I’m not playing the population card per se. Was rather aiming at the fact that from Iceland, everything must be exported by ship, which is pretty expensive being an island in arctic waters.
From Canada, you can still haul it by truck to a local steel mill or down to the US, which is much more cost efficient.
Source: I have a friend working as a clearing agent, and a 20ft container costs 15k USD to ship, plus taxes, from China to Europe (Rotterdam or Hamburg usually). Iceland is a more exotic destination and will cost even more. Hardly worth the effort.