New dry freight container prices increased at a record rate during the first half of 2004, jumping by over 50% on their level in late 2003. This compares with five years of relatively little movement, when the annualised price varied by less than 10% from one year to the next and remained at a historically low level. By mid-2004, new standard box prices were high-,er than at any time since their last peak, in 1995. The 'headline' Chinese ex-works price of a standard 20ft container had risen to almost USD2,000 by mid-2004, which compared with about USD 1, 350 paid eight months earlier. The corresponding price per 40ft high-cube rose from below USD2,200 to USD3,300. Much of this increase occurred in the second quarter, when prices shot up by over 25% in a few weeks on the back of steep rises in the cost of Corten steel, the principal box-building material. Container buyers had little time to react, which added to the inevitable panic that ensued as they rushed to book manufacturing capacity ahead of any further price increases.
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