pgm demand

Another article about the demand for PGM's.

http://www.mining-journal.com/emea/fracking-is-good-for-platinum2

A snippet:
"There are large chemical industrial plants being set up in China where you pass huge quantities of propane over a platinum catalyst to create propene and all this is a result of fracking [hydraulic fracturing, the process of extracting natural gas from shale rock layers deep within the earth].”

Duncan said about 20,000oz of platinum was used in a typical plant that converted propane to propene. More than 100,000oz of platinum was used in the process last year and the same amount would be needed this year. “It’s a big demand sector within the industrial space,” he said.

He added that new plant was coming on stream in China because when a new technology was invented, the Chinese “are usually the first to take advantage of it”.

With reserves of palladium and platinum at all time lows and demand at all time highs it is difficult to understand why the price of palladium is 25% below it's peak in January 2001 ($1080/oz) and platinum 35% below it's peak in March 2008 ($2250/oz).

If anyone can explain why PGM's are not following the demand/supply theory I'd love to know about it.