The game lists iron as a trade material costing 1 sp per lb. Now the question is do we need true steel, or would iron and charcoal suffice?You still need the raw materials, steel doesn't just grow on trees. So a big part of the expense is raw materials needed for the spell.
Lets assume a more stringest standard. Now how much would steel cost? I've seen numbers all over the place, from like 1 gp/lb to like 5 gp/lb. I'll go with this higher number. So 65 lbs of plate armor requires 325 gp of steel. A hefty sum, but 1500 - 325 = 1175 gp for 10 minutes work is still pretty darn solid.