Oh Noodly - You come out with some exceptionally illogical assumptions. What on earth leads you to believe the participants in the SO4 raise last year sold out and are the ones that participated in the recent one? That is actually what happen in TNG with our Hong Kong insto, for multiple raises.
You should look at all potash exposed organisations - pricing for SOP and MOP is bottom of cycle – which explains the SP performance.
SO4 is neither here or there. What's important is Vanadium is at all-time highs with predicted pricing to top out at $50/lb, no future supply, plenty of demand given steel rebar requirements and the pending VRF revolution. Juniors of AVL and KRC have multi-bagged. Producers of Largo and Bushveld are booming.
TNG = plodding.
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