Page 13 - ITAtube Journal 3 2025

Market information
Figure 10: Pipe Production China 2020- 2025e and World Production 2025e
Source: Wirtschaftsvereinigung Stahlrohre, ITA
and seamless production recovered 5%
after earlier cuts.
  CIS: Total output declined 7% in 2024
and 8% in the first half of 2025. Seam-
less tubes were down by 12%.
  China: Accounting for 56% of global
output, China grew 5% in the first half
of 2025 (Figure 10). Line pipes >16” rose
13% and tubes <16” by 7%, with strong
activity in the Middle East compensating
for U.S. trade restrictions (Figure 10).
Prices for OCTG and structural tubes
appear to have stabilised in 2025. Figure
11 shows price development for:
  P110 OCTG casing (5.5”)
  S235 structural pipe
After peaking at ~USD 3,900/ton in
October 2022, P110 prices declined by
~58% to ~USD 1,650/ton by August 2024.
They have since stabilized around USD
2,000/ton, with potential for renewed
increases given strong US demand.
S235 structural pipe prices remained com-
parably stable at ~USD 600/ton, supported
by infrastructure projects.
About 74% of global pipe production is
welded (~123 million tons in 2025), making
producers highly dependent on hot-rolled
coil (HRC) prices. US HRC prices fell from
about USD 940/ton in March 2025 to USD
800/ton in September, then recovered to
around USD 850/ton (Figure 12). Further
increases are likely.
Figure 11: Representative Steel Tube and Pipe Prices
(OCTG – P110 USA and Structural S235 Turkey)
Source: Kallanish.com
Figure 12: Hot-Rolled Coil Steel prices 1 Year until July 2025
Source: tradingeconomics.com
ITAtube Journal December 2025
13