"We see (lithium) supply continuing to be the constraint on demand," said Livent CEO Paul Graves. Pilbara last week flagged a "softening market backdrop" and ruled out share buybacks or special dividends for shareholders. Still, executives said that decision was born from a desire to be cautious for the time being. "Demand is absolutely there," said Pilbara CEO Dale Henderson. "It's just a case of moderating pricing. It's still a very healthy market." Mineral Resources, which operates lithium mines with Albemarle and Jiangxi Ganfeng Lithium, described the market's current state as a "rebalancing" of supply chains. And IGO, which holds a stake in a joint venture that controls Greenbushes, the world's largest lithium mine, warned of ongoing market volatility earlier this week, but added it believed the industry's troubles were only "near term".