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That's nonsense, because whenever there is a product being sold at such massive markups, there is a HUGE opportunity to make money simply by undercutting the market (i.e. selling a cheaper alternative).

Either this is the result of overregulation forbidding cheaper, imported alternatives to be sold, monopoly control, or there's more to the story than OP is telling us (such as iron only being this cheap in Germany because it's subsidized / covered by insurance, etc.)