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Albemarle, the world’s largest producer of lithium for electric vehicle batteries, said on Wednesday that it will hold several auctions to sell supplies of the metal as part of a push to boost market transparency.
The slowing pace of EV adoption globally, combined with lithium overproduction in China, has dragged down lithium prices and seen job cuts by producers. A basket of lithium prices compiled by Benchmark Mineral Intelligence has dropped 80% in the past year. Working with London Metal Exchange partner Metalshub, Albemarle said it plans to hold several auctions for lithium supplies to allow potential customers “to state what they consider the appropriate price.”“Our emphasis is on promoting price transparency,” said an Albemarle spokesperson.
As part of the first auction, Albemarle plans to offer 10,000 metric tons of chemical-grade spodumene concentrate, which is made from the company’s hard rock mines in Australia.
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