it's stainless steel. It's a bit of a bargain at that price.
I put together a mild steel exhaust for my old R33 GTS-t for:
$200 muffler (stainless, twin tip, from Just Jap)
$160 hi-flow cat
$200 front/dump pipe
$300 custom 3" mandrel bent piping, resonator, and installation (local exhaust shop).
The system was freaking awesome and had a great sound and more power all round.
So yeah. It can be done cheaper if you shop around.