jwatson, all of our graphite shafts are made in the top factories. The prices are low because of no middlemen and the elimination of inflated brand positioning mark-ups.
To test for a crack, hold the grip end tight with one hand and the head end tight with the other hand and try to twist the club. Compare the amount of twist to another iron without the suspected crack. My guess would be a scratch since you are seeing a normal hit.
The bulk of graphite shaft cracks toward the tip end occur from too much heat when pulling out a graphite shaft and trying to save it. It takes a lot of patience when pulling a graphite shaft because heat needs to be applied very gradually. In your case I am assuming the shafts have never been pulled. Graphite shafts did actually split back in the old days, but it is quite rare with todays shafts.