May 1 (Reuters) - Albemarle, the world's largest producer of lithium for electric vehicle batteries, on Wednesday missed first quarter profit estimates on lower prices.

Softening Electric Vehicle (EV) demand has knocked down global lithium prices, impacting lithium producers such as Albemarle. Many producers worldwide have cut production and reduced their workforce.

Lithium prices had fallen by more than 80% in the year up to March, according to a basket tracked by Benchmark Mineral Intelligence.

Quarterly adjusted core profit from its energy storage segment was $198 million, compared with $1.57 billion the previous year.

The energy storage segment, its largest by revenue, focuses on products and technologies that enable the development and production of lithium-ion batteries used in electric vehicles.

The company reported an adjusted profit of 26 cents per share for the quarter ended March. 31, compared with analysts' average estimate of 27 cents per share, according to LSEG data. (Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid)