In order to obtain a proper powder injection molding the rheological behavior of feedstocks should be known. To determine the binder effect on the rheological behavior of 316L stainless steel powders feedstock two different feedstock were prepared. In the current experiments water atomized 316L stainless steel powders (-20 mu m) were used. Two types of binders, one of which is mainly paraffin wax can be dissolved in heptane and the other Polietilenglikol (PEG) based and can be dissolved in water, were used. Polypropylene was used as binder and steric acid was used as lubricant for both binder systems as skeleton binder. Dry binder system were mixed for 30 min in a three dimensional Turbola. Capillary rheometer was used to characterize the rheological properties of feed stocks at 150-200 degrees C and a pressures of 0.165-2.069 MPa. Powder loading capacity of PEG and PW based feed stocks were found to be %55 and %61 respectively. The lowest viscosity of PEG and PW based feed stocks were found to be 304.707 Pa.s and 48.857 Pa.s respectively.