Russia-based TMK, one of the world's leading oil and gas steel pipe producers, has announced that it will increase its selling prices for the entire range of tubular products offered by its Russian division by five percent starting from March 1 this year. The price increase will apply to all consumer categories.
TMK stated that the key driver behind the announced price increase is a substantial growth of material costs and other operating cost items in the second half of 2016, affecting its overall production costs.