The biggest problem is the self perpetuating demand driven by a small cabal of "enthusiasts" even on our own forums here in watchprosite..
Our worse enemies are within.
I've been out of touch with Audemars Piguet to know if they are playing the 'game' but others are reporting as such..
Certainly, there are non-technical production restrictions at Patek Philippe and Rolex for steel watches. It's not a manufacturing technical problem.
All the movements are the same and the assembly steps are the same whatever the case material.
They are going against the usual business practice of supply matching demand.
From a revenue perspective, the limitation is the movement availability, thus it is more lucrative to encase in precious metal.
The premium for watches in gold and platinum cases exceed the extra cost of raw material compared to steel.
Regards,
MTF