Even if it were true that steel cost more than aluminum, I don't see how that would necessarily closely relate to the price of new bikes. I'd imagine the cost of the raw metal is a relatively small fraction of the cost in both cases. More relevant would be the cost of machining it, cost of components, and marketing strategies. No company sells their products as close to cost as possible, especially if the market they are in is not a highly competitive one for an interchangeable commodity. They sell their products for the highest price they think they can get people to pay. That may or may not be tightly coupled to their costs. This doesn't mean they are ripping people off; it just means they are maximizing their profits.