The steel pipe according to the present disclosure contains a chemical composition consisting of, in mass %, C: more than 0.50 to 0.65%, Si: 0.05 to 0.50%, Mn: 0.05 to 1.00%, P: 0.025% or less, S: 0.0050% or less, Al: 0.005 to 0.100%, Cr: 0.30 to 1.50%, Mo: 0.25 to 3.00%, Ti: 0.002 to 0.050%, N: 0.0010 to 0.0100% and O: 0.0030% or less, with the balance being Fe and impurities. The steel pipe contains an amount of dissolved C within a range of 0.010 to 0.060 mass %. The tensile yield strength in the axial direction and the circumferential direction is 862 to 1069 MPa, and the yield ratio in the axial direction is 90% or more. The tensile yield strength in the circumferential direction is 30 to 80 MPa higher than the compressive yield strength in the circumferential direction.