# Nickel falls in September, separating battery inputs from rising energy costs

> The nickel benchmark declined between August and September; any battery-cost benefit depends on chemistry and conversion contracts.

- **Source date:** 2026-10-09
- **Original source:** [World Bank](https://thedocs.worldbank.org/en/doc/74e8be41ceb20fa0da750cda2f6b9e4e-0050012026/related/CMO-Pink-Sheet-October-2026.pdf)
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## Released benchmark data

The World Bank released its October Pink Sheet on 2 October 2026. August → September monthly averages, in US dollars: nickel 16,751 → 16,324 per metric tonne. These are monthly market benchmarks, not October averages or delivered equipment quotations.

[World Bank — Pink Sheet, 2 October 2026](https://thedocs.worldbank.org/en/doc/74e8be41ceb20fa0da750cda2f6b9e4e-0050012026/related/CMO-Pink-Sheet-October-2026.pdf)

## How costs reach the project

Editorial analysis: this decline offers a different signal from rising conductor-metal prices. Nickel exposure varies by cathode chemistry; a nickel benchmark cannot describe every storage system. Refining, chemical conversion and cell manufacturing add costs, so a lower metal quotation does not establish an equivalent fall in the price of finished cells.

## Procurement implications

Storage tenders should separate chemistry, usable capacity, lifetime and warranties from commodity escalation. For nickel-bearing supply, ask which index and reference month enter the contract. Evaluate an unchanged conversion charge and a revised metal input as separate scenarios; neither scenario is a forecast of October battery prices.

Read the connected analysis: [Metals, mining and processing margins, August–October 2026](/articles/metals-mining-processing-margin-aug-oct-2026).

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