QUAKER CHEMICAL CORP — Director's Dealing 2004

Jan 9, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: QUAKER CHEMICAL CORP (KWR)
CIK: 0000081362
Period of Report: 2004-01-01

Reporting Person: CURTIS REX E (VP & GIL - Automotive MW)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1771	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to buy)	$20.09	2009-01-23	Common Stock (2800)		Direct
Stock Options (Right to buy)	$20.18	2010-03-19	Common Stock (2800)		Direct

Footnotes

F1: Information based on 12/31/03 Plan Statement.

F2: Employee stock option (right to buy) exercisable in three annual installments (50% after year one; 25% after year two; and 25% after year three).