I'd have to agree. Steel cases instead of brass, very light bullet weight, and cheap powder must be the reason. Imagine how cheap it'd be if the added cost of shipping it half way around the world wasn't added in to the price we pay.
Back when you could by Brown Bear for $7.99 + shipping, that's all I shot. Now that it's a couple of bucks higher, I reload my own instead. I can reload a box of 50 of them for $6.26 w/ Berry's bullets, Winchester primers, Win 231 powder, and cutting down Luger cases to fit.