I am a bit hesitant to give my opinion here for some reason, but here goes.
I do like the idea of Adamantine being generally difficult to aquire, yes. It's endgame stuff. Now I won't get into the specifics of which material is best for an enchanted weapon at the end of the day, but I will say that having a permanent +3 weapon vs everything and +4 vs specific things is neat, especially for people who don't have their personal pocket warder with them at all times. The demand is certainly mirroring that.
Aquiring Adamantine is extremely difficult for people who don't sit around the Mist Camp 24/7, however. That is the place where it is usually traded. And even if you spend time there, the chance that someone sells the stuff right then, while you happen to be around, is incredibly slim. I've tried, trust me. I've even asked other people IC to keep an eye out for ingots offered, and buy them for me - to no avail. The only Adamantine I ever got was through another faction member that had a means of farming it semi-regularly, and even that took ages and eventually fizzled out.
And here begins the problem. I know that someone is gonna jump at me for saying it, but: Adamantine is pretty much gatekept by the Mist Camp playerbase. The little bit of Adamantine that is aquired by people willing to sell it is sold there. Period. You must have incredible luck to find someone in any other part of the server to sell you an Adamantine ingot.
Other means to aquire it is go and farm it yourself with a group. Such a group must consist of people of high enough level to survive the demons there, since due to the invisibility change, picking up the rocks from stealth doesn't really work anymore. I tried that once, too, with a group of people. I couldn't pinpoint which enemies it were that had enough spot/listen to dispel my invis through a critical failure, while I was in full sneaking gear and buffed up for it, mind you. But it happened. Not surprising tbh with the meteorites weighing over 30 pounds, but still. It means without the right group, you won't even have a chance of getting the stuff yourself.
I remember my group hauled around 30 rocks back from that run, probably not much compared to what other groups get. We smelted everything down and didn't get a single ingot. It was frustrating.
I think an adjustment would do the server good, though I have to say, 30 or even 25% chance of Adamantine per meteor does sound a bit extreme to me. It should still be rare, but I agree that the rate needs to be raised a little bit, simply so that some of the Adamantine that is farmed for the purpose of selling can trickle into the other areas of the server.
"Why don't you just sit in the Mist Camp then?"
Yeah, why do people who wish to immerse themselves in the setting not want to sit in a place where Balors are summoned when people are bored, where half naked Dragon girls sit around petting druids in cat form that roll up in their laps, where random timestops occur when someone wants to prove a point, where [...]
I know these things have been adressed recently, but the Mist Camp is not a place where you generally want to hang out, still - unless you are looking for PvE, or PvP, even.