News Global Market steel prices 2868 18 February 2026
Quotations for welded pipes in Turkey rose slightly to $578/t over the same period
Pessimism prevails in the US oil and gas pipe market. The average price of OCTG pipes on North America FOB terms fell by $96 – to $2,064/t in January. At the same time, oil prices rose during the same month: WTI rose by 3.2% month-on-month to $59.9 per barrel after a 3% increase in December.
There are several key factors behind the decline in OCTG pipe prices: pessimistic forecasts by oil and gas companies regarding investment prospects, a global oil surplus that is putting pressure on commodity prices amid a simultaneous increase in production costs. An additional negative factor for the market was the expectation of increased supplies of Venezuelan oil to US refineries.
Amid market pessimism, the number of drilling rigs in the US is approaching a four-year low. According to Baker Hughes, the number of drilling rigs in the US, which is an early indicator of future production, stood at 546 at the end of January, unchanged from the previous month. The total number of rigs in the country is 36 fewer than in the same period last year.
According to Kallanish, there are many drilled but not commissioned wells in the US market that could be completed if market conditions are favorable. There is no demand for new casing pipes in this segment.
The expected wave of approvals for new gas pipelines in 2026–2027, the number of which in the southern United States will reach an 18-year high, could be a positive driver of demand. According to Bloomberg, up to 12 projects to build new gas pipelines or expand existing ones are planned in Texas, Louisiana, and Oklahoma in 2026. American companies are actively developing pipeline infrastructure to deliver gas to LNG export terminals. The US Energy Information Administration (EIA) forecasts production growth from a record 107.4 billion cubic feet per day in 2025 to 108.8 billion cubic feet per day in 2026.
Turkey
Quotations for Turkish welded pipes in January were under pressure from low demand and price resistance from buyers. According to Kallanish, prices for this product rose by $3 last month to $578/t (Turkey FOB) after a month and a half of stabilization, influenced by higher scrap prices. This trend also correlates perfectly with the change in prices for hot-rolled coil (HRC) on Turkey FOB terms, whose average quotations rose by $18 in January to $563/t.
It should be noted that Interpipe is expanding its presence in the mining industry product segment. The company has fulfilled a trial order for a French manufacturer of drilling tools, supplying linear pipes in accordance with European standards. The company has also mastered the production of pump and compressor pipes with Teflon (PTFE) sealing rings. The new product complements the OCTG solutions range and is designed for challenging extraction conditions.
