Note that according to spacex fuel is only 0.3% of the cost, but materials are also only 2% of the cost. (http://www.space.com/21386-spacex-reusable-rockets-cost.html)

A rocket is not worth 10s of millions in raw materials, so it is the process of creating it that makes it worth tens of millions. So the 10s of millions of dollar question is: how much cheaper is the process of re-using a rocket vs the process of building a new one? It seems impossible to ever fully recoup the other 97.7%, but how much can they?