This bike probably has more solid steel than my car which is pathetic actually(for me).
Just bear in mind that steel makes a bike very HEAVY and you don't get nice light alloy at this price.
However, it is an excellent price for a budget mountain bike and can be easily disposed of when it starts to wear out because the servicing costs and repairs will inevitably cost more than the bike(unless you are mechanically inclined and can perform the work yourself).
Furthermore, if someone steals your bike, kicks/slashes the tyres in or causes extensive damage which happened to me you won't be crying. If you collide with a vehicle, then I think human life might take precedence, more-so than a $60 bike :P
Don't really need one at the moment as I have several working bikes but am thinking of buying one and hoarding it somewhere in my house, still inside the unopened box for when I need it(Yes, I have a problem).
The difficult part would be trying to hide it from family members, there you need an excuse such as "It's a 'christmas present' for next year, don't touch it!"…That usually works.
It appears to be normal price.