Pipe and tube
Overview
OCTG (oil country tubular goods) and Line Pipe pricing sits at the intersection of two complex markets – demand from the oil and gas industry and supply from steel markets.
Argus monitors and delivers key OCTG and line pipe price data while analysing supply and demand markets to produce detailed market reports and outlooks on pipe prices and market drivers.
Latest pipe and tube news
Browse the latest market moving news on the global pipe and tube industry.
Oil prices more concerning than steel tariffs: Drillers
Oil prices more concerning than steel tariffs: Drillers
Calgary, 3 June (Argus) — Tariffs on imported steel and other inputs are complicating supply chains for North American oil drillers, but are not as problematic as the broader downturn in crude prices that has cut into demand for their services. "Section 232" tariffs imposed by US president Donald Trump on steel and aluminum imports seem more likely to stay — and possibly even double to 50pc — compared with more widespread tariffs that are being challenged in court. That may have spelled higher costs for well casing and tubing, known as oil country tubular goods (OCTG), but drillers say they have seen worse before, and prices could instead be softening on account of weaker drilling demand. The OCTG Pipe Logix Index of All Items — a benchmark for casing and tubing prices used by steel mills, pipe manufacturers, distributors, and oil and gas companies — averaged $2,073/short ton (st) in May this year . That is down from $2,087/st in April and the first decline in nine months following a steady ascent that began months before Trump's return to the White House was assured by his November electoral victory. Softer OCTG prices appear to be following weaker crude benchmarks, and in turn, demand for drilling and related services. US light sweet WTI averaged $60.94/bl across May, down from $78.62/bl in the same month 2024, or 22pc lower, and the current price environment is pressuring the sector as a whole to lower costs. "It's an energy industry problem and not just a drilling services problem," Helmerich & Payne chief financial officer Kevin Vann told investors in May. The supply chain synergies have become more uncertain because of ongoing trade wars, according to Helmerich & Payne, but the Tulsa-based, oilfield services company seems to view the broader tariff-induced commodity price downturn as the larger concern, especially in the event it persists. The company's chief executive, John Lindsay, notes that most of the challenges are in the oil markets and expects more "upcoming" activity for natural gas. Supply chain disruptions appear manageable Nabors Industries president Tony Petrello also does not anticipate tariffs to have a significant impact directly to his company's business, with the exception of higher taxes on Chinese goods. "I don't think drill pipe is the biggest hit on our drilling business," Petrello told investors in April. "It's more like spares [parts], pumps, things like that, that, over the years, we have started to acquire from China." The Houston-based drilling contractor was bracing for a $10-20mn impact to free cash flow on account of US trade actions, but that was based on the 145pc tariffs against imports from China. Trump has since brought those down to 30pc, but tensions remain between the two countries. Canadian-based Precision Drilling meanwhile notes the cost of drill pipe can fluctuate considerably, regardless of tariffs, and only expects prices to increase a "little bit" on new purchases. Precision has "gotten well-ahead" of those needs with purchases over recent years, according to chief financial officer Carey Ford, while alternatives for other parts with tariff exposure have been sourced domestically. But this is not uncharted territory for drillers who had to grapple with soaring prices in the field as the Covid-19 pandemic disrupted supply chains and inflation ran rampant through the sector. This was exacerbated by higher prices for the metals used to make well casings, while producers resumed drilling more oil and gas wells as demand recovered. One need not look far back to see what level of prices drillers had to contend with, underscoring why present-day concerns lie elsewhere. Even with the recent climb, May's benchmark price is just roughly one-half the $3,867/st price recorded in October 2022. "Even with tariffs, drill pipe wouldn't be as expensive as it was a couple of years ago," Ford said in April. OCTG make up about 10pc of the total cost of an onshore well. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Nucor keeps HRC flat for 2nd week
Nucor keeps HRC flat for 2nd week
Houston, 7 April (Argus) — US steelmaker Nucor has kept its hot-rolled coil (HRC) spot prices flat for the second week in a row. The company maintained its weekly consumer spot price (CSP) at $935/short ton (st) outside of California, where it kept prices flat at $995/st. Lead times were steady at 3-5 weeks. The Argus US HRC Midwest and southern assessments were unchanged from the week prior at $950/st ex-works on 1 April. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Nucor increases HRC spot price by $5/st
Nucor increases HRC spot price by $5/st
Houston, 24 March (Argus) — US steelmaker Nucor edged up its published hot-rolled coil (HRC) spot pricing today by $5/short ton (st). The company set its weekly consumer spot price (CSP) this morning at $935/st outside of California, where it raised its CSP by $5/st to $995/st. Lead times are 3-5 weeks. The CSP increase was the smallest since Nucor began raising prices in late-January. The Argus US HRC Midwest and southern assessments rose by $15/st on 18 March to $950/st ex-works. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US Steel calls Nippon deal a 'partnership'
US Steel calls Nippon deal a 'partnership'
Houston, 21 March (Argus) — US steelmaker US Steel called its combination with Nippon Steel a "partnership," after nearly a year and a half of the Japanese steelmaker trying to acquire US Steel. US Steel said Nippon would make "investment commitments" through the partnership and transfer technology, though US Steel did not provide details in its 20 March first quarter earnings release. Nippon has been pursuing a $15bn acquisition of US Steel since late 2023, which came up against presidential election-year headwinds, including pledges by then-President Joe Biden and then-candidate Donald Trump to block the deal. Biden did block the transaction near the end of his presidency, which Nippon and US Steel sued against. As recently as last week the lawsuits were still active, though on 14 March the US government filed for a delay of the lawsuit so it could work towards an agreement with the two companies. In the earnings guidance, US Steel said its new 3mn short tons (st)/yr Big River 2 flat-rolled steel mill in Arkansas continues to ramp up, and is expected to hit run-rate throughput in the second half of the year and its full capacity in 2026. Seasonal mining impacts are expected to outweigh higher first quarter selling prices and volumes at US Steel's US-based blast furnaces, while its electric arc furnace (EAF) minimills in Arkansas boosted shipment volumes. In Europe, shipments are expected to increase along with more favorable raw material pricing, though the company called the demand environment "challenging." Tubular segment results are expected to benefit from higher shipment volumes and prices. US Steel expects to post a first quarter loss of $145mn, compared with a prior year profit of $171mn. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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