Leading lithium producer Albemarle (NYSE:ALB) said it plans to...

Leading lithium producer Albemarle (NYSE:ALB) said it plans to sell some of its metal in auctions, as part of an effort to improve market transparency, Bloomberg reported Thursday.
Together with London Metal Exchange partner Metalshub, Albemarle (ALB) said it plans to hold multiple auctions for lithium supplies to allow potential customers to "state what they consider the appropriate price to be through private bids," according to the report.
The company said it will host a bidding event for 10K tons of chemical-grade spodumene on March 26 and 100 tons of battery-grade carbonate on April 2.
Lithium has been sold on long-term contracts by Albemarle (ALB) and other producers, making it difficult for automakers and other customers to determine a benchmark price, but the company's move eventually could prove significant in opening up the market to commodity traders.
The auction approach "can lead to fair product valuation - for both buyers and sellers - and drive towards a more robust, sustainable market," the company said.