It is perfectly reasonable for crafters to price the ingots at ~100k-200k above the raw material price. Remember that a single break (~5% chance) will wipe out a crafter's profits from 4-8 synths. It is a necessity.
I wonder if the people complaining about the price have any idea how expensive and time consuming levelling Smithing to 100 is? And how crafters currently make about 50-100k MAX per synth, risking 1.1m of materials?
Really need to stop whining, why should somebody who's spent millions levelling Smithing put themselves out of pocket because you want cheaper items? :\
Khroma Ore are being spit out of abyssea now daily, this means people can flood that market faster from ISNM and Abyssea(drops in all zones from golden caskets) price has already begun to collapse, can only imagine what the up coming months will do to this.