OCTG pipe prices in North America decline for the second consecutive month

Regional pipe markets are experiencing mixed trends due to the specific nature of pipe products. At the end of February, prices for welded pipes in Turkey, which are largely intended for construction needs, rose by $18/t to $595/t, while oil and gas OCTG pipes in the US fell by $11/t – to $2053/t.

USA

Until recently, pessimism prevailed in the American oil and gas pipe market. The average price for OCTG pipes on North America FOB terms fell by $11 – to $2,053/t in February, following a drop of $96/t in January.

Currently, OCTG pipe prices are moving independently of oil prices: pipe quotations are falling amid rising oil prices. A similar situation was observed in February, when the average price of WTI rose by 5.7% month-on-month to $65.1 per barrel after a 3.2% month-on-month increase in January.

Amid market pessimism, the number of drilling rigs in the US was close to a four-year low. According to Baker Hughes, the number of oil and gas drilling rigs in the US, which is an early indicator of future production levels, stood at 550 at the end of February, up four units for the month. The total number of rigs in the country is 43 fewer than in the same period last year.

At the same time, rising oil prices following the conflict with Iran may bring short-term benefits to production companies, as drilling activity and demand for pipes may increase. However, it is unlikely that events in the Persian Gulf will stimulate significant new drilling activity in the US and new high demand for OCTG pipes. There are many drilled but not commissioned wells on the US market that can be quickly completed under favorable market conditions.

Turkey

Turkish welded pipe prices rose at the beginning and end of February, despite weak demand and uncertainty due to the war in the region. According to Kallanish, prices for welded pipes rose by $18 last month to $595/t (Turkey FOB) after two months of stabilization, driven by higher raw material and production costs.

This trend fully correlates with the change in prices for hot-rolled coil (HRC) on Turkey FOB terms, whose average quotations in February rose by $22 to $585/t.

According to the Turkish Statistical Institute (TUIK), in 2025, exports of welded pipes from Turkey increased by 0.11% y-o-y and amounted to 2.1 million tons. In December 2025, this figure reached 214,600 tons, up 7% compared to November, thanks to shipments allocated under the EU’s protective quota for the first quarter of 2026. The average export price in December was $892/t, compared to $792/t in November 2025.