Secondary aluminium produced by melting scrap rather than smelting bauxite, has embedded emissions approximately 10 to 15 times lower than Indian coal-based primary aluminium. Under CBAM, this translates to an approximately €900–1,400/t cost advantage on EU exports. India’s secondary aluminium sector is significantly under-invested relative to this economic opportunity — largely because scrap supply chains are fragmented and the true CBAM economics have not been adequately modelled by secondary producers. This analysis maps the full picture.