A PIM feedstock made of 년316L stainless steel powder and a wax-based binder were characterized rheologically with the plate-plate type of rotational rheometer at low shear rate. The evidence of slip phenomenon occurred at the walls of the rheometer was recognized by a series of experiments, and a correction method that used 2 sets of data obtained at different plate gap distance was applied in order to correct the wall ship. During the experiments, a thixotropic phenomenon that limited the measurable range of shear rate was found so that experimental investigation was carried out to figure out the cause. As the result, it was understood that the thickened slip layer caused by an excessive level of shear stress was not absorbed fast enough back to the feedstock, resulting in the phenomenon. After the stable level of shear stress not causing the phenomenon was fitted well with a modified Bingham equation that represented the fluid with yield stress. The slip velocity was found to have a linear relationship with shear stress, and the qualitative evidence of yield stress in the feedstock was found.