Company DigestCompaniesLast updated: 1 April 2026

TMK Annual Report: Global Steel Pipe Market Fell 2.3% to 154.6 Million Tonnes in 2025, Gradual Recovery Expected From the Second Half of 2026

The global steel pipe market fell 2.3% in 2025, to 154.6 million tonnes, according to the annual report of TMK (ПАО «ТМК») published on April 1, 2026; the main factor was a decline in Chinese consumption of industrial welded pipes amid the crisis in the country's real estate market. For 2026 the report expects the volume of the global market to remain at the 2025 level, with drilling growth of 2% supporting demand for oil and gas pipes. TMK's own sales of pipe products for 2025 fell by a third, to 2.95 million tonnes, with earnings before interest, taxes, depreciation and amortization (EBITDA) down 19%, while Russian demand weakened across the fuel and energy complex, machine building and the regional market under the pressure of a high key rate. Drilling volumes fell 3% and the commissioning of new wells 4%, with the horizontal drilling share at 59%, down 9 percentage points on 2024; the report describes the current phase as the bottom point of the cycle and expects a gradual recovery from the second half of 2026.

Steel pipes stacked inside an industrial warehouse

Global steel pipe market in 2025: down 2.3% to 154.6 million tonnes

MOSCOW, April 1, 2026 — TMK (ПАО «ТМК») has published its annual report, which reviews the development of the global steel pipe market and the operating environment of the company. According to the report, the global steel pipe market contracted by 2.3% in 2025 and amounted to 154.6 million tonnes. The principal factor behind the decline was a fall in Chinese consumption of welded pipes of industrial designation against the backdrop of the crisis in the real estate market of China.

The market review of the report, the results disclosure and the corporate media materials of the company are published on its website at https://www.tmk-group.ru/.

Outlook for 2026: market volume at the 2025 level, drilling up 2%

For 2026, TMK expects the volume of the global steel pipe market to remain at the level of 2025. The report identifies positive drilling dynamics of 2% as the factor that will support demand for pipes of the oil and gas product range during the year, offsetting the pressure recorded in the previous reporting period.

Results of TMK for 2025: pipe sales down a third, EBITDA down 19%

In early March 2026, TMK reported its operating results for 2025: sales of pipe products fell by a third, to 2.95 million tonnes, while earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 19%. These company-level figures frame the reporting year reviewed in the annual report alongside the assessments of the global and Russian markets.

Key figures of the reporting year

global steel pipe market: 154.6 million tonnes, down 2.3% in 2025;
pipe sales of TMK: 2.95 million tonnes, down by a third year on year;
earnings before interest, taxes, depreciation and amortization (EBITDA) of TMK: down 19%;
drilling volumes in Russia: down 3%; commissioning of new wells: down 4%;
share of horizontal drilling: 59%, down 9 percentage points versus 2024.

Russian demand: fuel and energy complex, machine building and the regional market

The annual report points to a decline in Russian demand for pipe products from the fuel and energy complex, from machine building and from the regional market. A separate pressure factor named in the report is the high key rate: it led to the postponement of infrastructure projects and to a reduction of the warehouse inventories held by consumers of pipe products.

Drilling and wells: the picture of 2025 in Russia

In 2025, drilling volumes and the commissioning of new wells in Russia fell by 3% and 4% respectively. The share of horizontal drilling decreased by 9 percentage points against 2024, to 59%, according to the review of the operating environment for pipes of the oil and gas range presented in the annual report.

Cycle assessment: the bottom point, recovery from the second half of 2026

The report expects the situation in the Russian pipe industry to remain difficult in 2026, but does not anticipate a further decline in demand. For the key product lines the report describes the current phase as the "bottom point of the cycle" and expects a gradual recovery to begin in the second half of 2026. As the key rate decreases, the report associates the recovery with a revival of industrial production and with the replenishment of the warehouse inventories of consumers.

2026 — the situation in the Russian pipe industry remains difficult, with no further decline in demand expected;
key product lines — the "bottom point of the cycle" is reached;
second half of 2026 — a gradual recovery of demand begins;
as the key rate falls — industrial production revives and the warehouse inventories of consumers are replenished.