Analysts at JPMorgan recommended selling or "underweight" emerging market local currency sovereign debt because of the global impact of the Ukraine-Russia crisis.
JPMorgan estimated that fixed-income assets in emerging markets have lost 6-9 percent of their value since Russia invaded Ukraine a month ago, with nervousness about the war and its impact on global energy and food prices adding to existing pressures.
Some leading emerging market central banks are signaling that interest rates now need to rise faster than previously expected, which fuels fears of "stagflation". Stagflation means when high inflation and higher interest rates undermine economic growth.
With both the U.S. Federal Reserve and emerging market central banks raising interest rates, JPMorgan also said it made sense to "underweight" emerging market assets by taking advantage of the recent pullback in local currency bond yields relative to TREASURIES.
JPMorgan said major metals exporters such as South Africa, Chile, and Peru could still do well, but warned that emerging market fixed income assets now faced a more "stagflationary" trajectory.
The markets and prices of many commodities, metals, chemicals like the boron nitride still face uncertainty.
Overview of Boron nitride
Boron nitride with the chemical formula BN is a thermally and chemically resistant refractory compound of boron and nitrogen. It exists in various crystalline forms that are isoelectronic to a similarly structured carbon lattice. The hexagonal form corresponding to graphite is the most stable and soft among BN polymorphs and is therefore used as a lubricant and an additive to cosmetic products.
Boron nitride is a white solid material in the as-produced hot pressed form. It is a low porosity solid. It is easily machined into complex shapes using standard carbide tooling. The material is anisotropic in its electrical and mechanical properties due to the platy hexagonal crystals and their orientation during the hot press consolidation.
Boron nitride is often referred to as “white graphite” because it is a lubricious material with the same platy hexagonal structure as carbon graphite. Unlike graphite, BN is a very good electrical insulator. It offers very high thermal conductivity and good thermal shock resistance. BN is stable in inert and reducing atmospheres up to 2000°C, and in oxidizing atmospheres to 850°C.
Applications of Boron nitride
Because of its excellent thermal and chemical stability, boron nitride ceramics are traditionally used as parts of high-temperature equipment. BN can be included in ceramics, alloys, resins, plastics, rubbers, and other materials, giving them self-lubricating properties.
Lubricant
Hexagonal boron nitride is used as a lubricant for paint, cosmetics, pencil lead and dental cement. Even in the absence of gas or water molecules in the compound layer, it has lubricity, making it a good component of the vacuum system. Compared with graphite, boron nitride has better chemical stability and conductivity.
Equipment in high-temperature environment
Its excellent heat resistance allows the compound to be used in a variety of applications involving extremely high temperatures. Hexagonal boron nitride is used to improve the lubricating properties of rubber, plastics, alloys and ceramics.
For plastics, the inclusion of BN components can reduce thermal expansion. It can also be integrated into semiconductor substrates and microwave oven windows.
Boron nitride is an effective ingredient in reaction vessels and crucibles due to its thermochemical properties.
Semiconductor industry
The bandgap of boron nitride ranges from 4.5 to 6.4 eV, making it an excellent wide gap semiconductor material. Its inherent thermal and dielectric properties make it a suitable substrate for the development of metal oxide semiconductor field-effect transistors (MOSFET) and semiconductors.
Grinding and cutting tools
Due to the physical properties of cubic boron nitride, this polymorph is used as an abrasive for nickel, iron and certain alloys, while diamond is considered inappropriate (for example, at high temperatures). Its cubic BN form is incorporated into cutting tools and grinding equipment.
Boron nitride Price
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More information about Boron nitride
Properties and Information on Boron Nitride
Property | Minimum Value (S.I.) | Maximum Value (S.I.) | Units (S.I.) | Minimum Value (Imp.) | Maximum Value (Imp.) | Units (Imp.) | |
Atomic Volume (average) | 0.0043 | 0.0045 | m3/kmol | 262.402 | 274.607 | in3/kmol | |
Density | 1.9 | 2.3 | Mg/m3 | 118.613 | 143.584 | lb/ft3 | |
Energy Content | 200 | 300 | MJ/kg | 21667.7 | 32501.6 | kcal/lb | |
Bulk Modulus | 12.5 | 65.7 | GPa | 1.81297 | 9.52897 | 106 psi | |
Compressive Strength | 225 | 540 | MPa | 32.6335 | 78.3204 | ksi | |
Ductility | 0.00037 | 0.004 | 0.00037 | 0.004 | NULL | ||
Elastic Limit | 27 | 83.3 | MPa | 3.91602 | 12.0816 | ksi | |
Endurance Limit | 23 | 64 | MPa | 3.33587 | 9.28241 | ksi | |
Fracture Toughness | 2.5 | 5 | MPa.m1/2 | 2.27512 | 4.55023 | ksi.in1/2 | |
Hardness | 660 | 3000 | MPa | 95.725 | 435.113 | ksi | |
Loss Coefficient | 1e-005 | 3e-005 | 1e-005 | 3e-005 | NULL | ||
Modulus of Rupture | 33 | 110 | MPa | 4.78625 | 15.9542 | ksi | |
Poisson's Ratio | 0.21 | 0.27 | 0.21 | 0.27 | NULL | ||
Shear Modulus | 7.8 | 41.3 | GPa | 1.13129 | 5.99006 | 106 psi | |
Tensile Strength | 27 | 83.3 | MPa | 3.91602 | 12.0816 | ksi | |
Young's Modulus | 19.5 | 100 | GPa | 2.82823 | 14.5038 | 106 psi | |
Glass Temperature | K | °F | |||||
Latent Heat of Fusion | 1440 | 1800 | kJ/kg | 619.085 | 773.857 | BTU/lb | |
Maximum Service Temperature | 1440 | 1990 | K | 2132.33 | 3122.33 | °F | |
Melting Point | 3150 | 3400 | K | 5210.33 | 5660.33 | °F | |
Minimum Service Temperature | 0 | 0 | K | -459.67 | -459.67 | °F | |
Specific Heat | 770 | 1150 | J/kg.K | 0.595871 | 0.889937 | BTU/lb.F | |
Thermal Conductivity | 19 | 52 | W/m.K | 35.5686 | 97.3457 | BTU.ft/h.ft2.F | |
Thermal Expansion | 1 | 6 | 10-6/K | 1.8 | 10.8 | 10-6/°F | |
Breakdown Potential | 35 | 45 | MV/m | 889 | 1143 | V/mil | |
Dielectric Constant | 3.9 | 4.3 | 3.9 | 4.3 | NULL | ||
Resistivity | 1e+018 | 1e+021 | 10-8 ohm.m | 1e+018 | 1e+021 | 10-8 ohm.m |
Environmental Properties of Boron Nitride
Resistance Factors | |
Flammability | 5 |
Fresh Water | 5 |
Organic Solvents | 5 |
Oxidation at 500C | 5 |
Sea Water | 5 |
Strong Acid | 4 |
Strong Alkalis | 5 |
UV | 5 |
Wear | 5 |
Weak Acid | 5 |
Weak Alkalis | 5 |
Typical properties for hexagonal and cubic boron nitride
Property | h-BN | C-BN |
Density (g.cm-3) | 2.3 | 2.2 |
Melting Point (°C) | 3000 (dissociates) | |
Hardness (Knoop 100 g) (kg.mm-1) | 400 | |
Modulus of Rupture (MPa) | 100 (ll to press dir) | 110 |
Youngs Modulus (MPa) | 20 - 103 | |
Thermal Expansion Co-eff (RT-1000 °C - x10-6) (°C-1) | 1 (ll to press dir) | 3.8 |
Thermal Conductivity (W/m.K) | 20 (ll to press dir) | |
Dielectric Breakdown Strength (kV.mm-1) | 35 | |
Dielectric Constant | 4.1 | |
Vol Resistivity (ohm.cm) | 108 - 1013 |
Affected by the present complex international situation and the epidemic, the future of global financial markets, futures markets, and stock markets is still highly uncertain. For this reason, I suppose the price of the boron nitride would continue to rise.
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