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In metal fused deposition modeling (FDM), performance is governed by feedstock formulation, most critically the metal solid loading, while binder selection is constrained by environmental impacts and limited recyclability. This study investigates the development and performance of highly filled 17-4PH stainless steel (17-4PH) feedstocks formulated with a low-molecular-weight polymer binder system, specifically designed for FDM in metal additive manufacturing (AM). The binder system, composed of low-cost, recyclable paraffin wax and stearic acid, was used to prepare feedstocks containing 93.0–96.0 wt.% metal powder. Rheological analysis indicated that intermediate powder loadings (95.0–95.5 wt.%) yielded optimal shear-thinning behavior, essential for stable extrusion during printing. Printing trials identified 95.5 wt.% as the critical powder loading, delivering superior print fidelity and structural integrity relative to both under-filled (93.0–94.5 wt.%) and overfilled formulations. Green part characterization revealed increased density and flexural modulus with rising powder content, while thermal debinding and sintering trials indicated enhanced thermal stability and dimensional retention at higher loadings. The as-sintered specimens from the 95.5 wt.% feedstock achieved a relative density (RD) of 96.5% and significantly improved mechanical performance, including an ultimate tensile strength (UTS) of 758 MPa and 5.2% elongation, clearly outperforming the 95.0 wt.% variant. Tribocorrosion testing further validated these improvements, with the higher-density samples showing a lower coefficient of friction and a reduced wear coefficient of 2.1 × 10−5 mm3·(N·m)−1 in 3.5% NaCl solution.