April 16 (Reuters) - According to data from the European Fertilizer Manufacturers Association, the operating rate of urea capacity in Europe was only 28% in the first quarter of 2026, with over 70% of capacity remaining idle for an extended period. The Middle East, as a core hub for global urea exports, saw Iran, Qatar, and Saudi Arabia collectively shut down urea capacity exceeding 12 million tons per year, accounting for 18% of global urea trade volume. Chempricehub's analysis of urea indicates a bullish-bearish score of 2. The report highlights that Europe's urea capacity utilization was merely 28% in Q1 2026, with over 70% of capacity idled long-term; in the Middle East, Iran, Qatar, and Saudi Arabia have shut down over 12 million tons per year of capacity, representing 18% of global trade volume. The significant reduction in supply has led to tight global urea spot availability, with spot prices expected to rise substantially. In the urea futures market, the recent main contract, such as 2609 (open interest: 124,024 lots), settled at 1,878 yuan per ton, with a change of +3.00, indicating an upward trend. This news reinforces bullish expectations, and futures prices are likely to continue rising as supply shortages intensify market optimism.