March 13 (Reuters) - 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.

Lithium has historically been sold on long-term contracts by

Albemarle and other producers, making it difficult for

automakers and other customers to determine a benchmark price.

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.

While the CME Group ( CME ) has in recent years started to

trade lithium, volumes on those contracts are dwarfed by

contracts for copper and other critical minerals.

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."

The first auction is planned for March 26.

"Our emphasis is on promoting price transparency," said an

Albemarle spokesperson.

"We see this as a responsible approach to price discovery

that can lead to fair product valuation - for both buyers and

sellers - and drive towards a more robust, sustainable market."

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.

The March 26 auction will be in English and Mandarin and

will use the Chinese Yuan as currency. The bids will be

confidential.

The Charlotte, North Carolina-based company had moved to cut

costs in January amid falling prices for lithium.