This is certainly a rare drop, not common. I've had 1 drop in about 3 or 4 hours of farming, level 90's group so keeping the zone cleared isn't a problem.
i was reading a Q and A session that was live and a guy asked why he had killed this samed named,forget which one,like 30 times and still no drop.so in the follow up,where they cant answer the question on the spot so they post it later,the dev said he tested the mob and was working fine.the drop was classed rare.he said and had a 25% chance of droping said item,and that this poor guy had just been "unlucky".
seems to me that 25% is more along the common drop range and some % well under that is rare.so its no wonder you may get 10 different answers,guesses really,to anything in EQ,when even the devs dont really have a handle on the game.
Its absolute ******** with the drop rate of Last Blood Steel.We have done 4-5 DSK clears and not one drop.People screaming to complete there Last Blood augs but what can ya do=/