State-owned defence metals maker Mishra Dhatu Nigam (MIDHANI) has signed an agreement with the Bhabha Atomic Research Centre (BARC) and the Heavy Water Board to recover nickel and cobalt from its manufacturing waste, to cut reliance on newly mined metals.
At a glance
- The memorandum of understanding was signed on October 27.
- The partners want to cut reliance on newly mined nickel and cobalt.
- The partners aim for methods that are technically viable and commercially competitive.
Background
MIDHANI is a defence public sector company that makes special metals and alloys. Nickel and cobalt are used in batteries, electric vehicles, stainless steel and superalloys. BARC and the Heavy Water Board operate under India's Department of Atomic Energy.
What happened
MIDHANI signed a memorandum of understanding with the Heavy Water Board and BARC on October 27, CNBC TV18 and PSU Watch reported. The goal is to develop methods to recover nickel and cobalt from manufacturing waste.
The three organisations will combine their industrial capabilities, technical expertise and resources. The work focuses on plant reverts, the residues and scrap left from MIDHANI's own production.
What they aim to do
The initiative aims to make better use of manufacturing residues, reduce dependence on newly mined minerals and support more sustainable manufacturing. MIDHANI chairman and managing director S V S Narayana Murty said the agreement was an important step in the company's efforts to recover critical metals from secondary sources.
The partners will work on solutions that are sustainable, technically viable and commercially competitive, he said.
What it means
The project could help secure nickel and cobalt for India's industrial and clean-energy sectors, while recovering metal that might otherwise go unused. It could also encourage recycling and create new opportunities in metal recovery, the partners said.
The MoU was signed by Murty, Heavy Water Board chairman V V S A Prasad and BARC associate director Alok Awasthi. MIDHANI shares closed 1.85% higher at Rs 368.70 on the NSE on October 27.
Our read
Outlook: neutral. The agreement is an early research step and does not change nickel or cobalt supply.
What to watch
- The first recovery methods developed under the agreement.
- Whether MIDHANI builds a commercial recycling unit.
- Other Indian programmes to recover critical metals from waste.
For information only, not investment advice.
Cobalt price in India
metalscost.com India reference price as of 2026-11-01.
Detailed analysis
Timeline
- 2026-10-27: MIDHANI, BARC and the Heavy Water Board sign the recovery MoU.
Government Policies
Indian state organisations are working to strengthen domestic critical mineral supply.
What could lift prices
- India is looking for new sources of nickel and cobalt for clean-energy industries.
- Recovery methods are still at an early stage.
What could weigh on prices
- Recycling could reduce India's need for newly mined nickel and cobalt.
- More secondary supply could ease import demand over time.
Country impact
| Country | Impact | Reason |
|---|---|---|
| India | Low | State organisations are working to recover critical metals from industrial waste. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Defence | Positive | MIDHANI could reuse valuable metals from its own production waste. |
Who gains, who loses
- MIDHANI: It could recover valuable nickel and cobalt that would otherwise go unused.
- Importers of nickel and cobalt scrap: Domestic recovery could reduce demand for imported material over time.
Other ways this could play out
- If the methods prove commercially viable, MIDHANI could recover metal at scale.
- If costs are too high, the project may stay at research level.
Price risks
- Recovery processes may not be commercially competitive.
- Low nickel and cobalt prices would weaken the case for recycling.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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