Although the satellite itself had a lot of hydrazine on board. That's probably what caused the smaller second explosion when the fairing fell off and hit the ground.
Seems like a really good question to me! I'd guess there's some one-time stuff involved, so the replacement won't cost $200 million, but it won't be a whole lot cheaper. My totally uninformed random guess would be something like $100-150 million for the second one. Maybe more, it could be that the one-time stuff is already amortized across multiple satellites.
I wondered the same thing. I can't imagine more than a few million dollars of raw material goes into a satellite. I'd wager it's more like $150mil to design the satellite, then $20mil for parts and $20mil for labour to build it (since these things are so low-volume they've gotta be largely hand made).
It'd certainly suck to be one of the people who's slaved over the satellite for the last couple of years, to see your baby get blown to smithereens like this.
