Look at the prices for quality, authentic name-brand stainless steel bracelets. Omega, Breitling, Tag Heuer, and others.
For example:
http://www.authenticwatches.com/watch-bracelets-straps-links.html
There are lots of bracelets in the $500-$1,000 range. And quite a few above $1,000.
I saw a Breitling bracelet for $1,295. A single
link for that bracelet costs $175:
http://www.authenticwatches.com/breitling-blackbird-pilot-bracelet-369a.html
I just don't think Apple will position the stainless steel Apple Watch against low-end watches from big-box discount stores. Yes, lackluster stainless steel bracelets like that can be found for $20-$50. I just think Apple will aim much higher.
Then there's this quote from Apple's web page: "The machining process is so precise, it takes nearly nine hours to cut the links for a single band." What does Apple sell for $99-$150 that has 9 hours of machining time in it?
In the watch world, the precision of the workmanship adds WAY more to the price than the cost of the raw materials. A 9-hour bracelet may be trying to compete with the low end of the luxury Swiss watch market.