The iconic Australian cereal is being cleared off supermarket shelves, as Chinese consumers are paying as much as $50 a box.

Similar to the baby formula scandal, which led to nationwide shortages and thousands of tins shipped to China, Weet-Bix is being bought in bulk and on sold online at huge marked up prices, News Corp reported.

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On the website Yoycart, the ‘black market’ breakfast is listed as high as $US39 ($AUS51) for a 1.4kg box, while 1kg packs go for $US28 ($36).

The Australian-owned cereal sells for $5 at Coles for a 1.4kg value pack.

The demand for Weet-Bix is reaching preposterous proportions, with shoppers allegedly buying trolleys full of the wheat-based cereal.

While buyers were restricted to four tins of Baby formula per customer at Woolworths, Weet-Bix is yet to receive such regulation.

China is reportedly the biggest export market for the popular food company Sanitarium Health and Wellbeing Company.