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Honestly speaking its a question of economics. Keeping aside the technical aspects of ratios calculated for destroying SBDs lets consider an example of 10 houses available for purchase to a single seller. He is going to negotiate it hard to a last rupee to get the best deal. Since all ten sellers will have to sell the house, they would offer the revise the rates lower. This in turn would affect the market rate.
Same logic applies to steem market. When theSBDs are converted to steem, availability or supply os steem is more than buyers and the desparate sellers would look to monetize any offer for their coins. In nutshell, when supply of steem would increase, it would lead to lowering the market prices