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I have researched that IMR 3031, Reloader 15 are good chioces for this rifle. My first experience with H4895 wasn't great, I think the brass was mostly to blame though...
I've used H4895 with good results. Keep the velocity around 2400 to 2600fps. I've also equipped my Ljungman with an adjustable gas "system" which helps too.
Mine used to tear the brass up something fierce. Used to throw it a surprising distance, as well. Can't recall my load (it was 30+ years ago. These things were $49.95 then) but BE VERY CAREFULL YOUR PRIMERS ARE SEATED FLUSH!. Mine used to slam fire with depressing regularity.
This caliber does better with a slower powder. I suggest nothing slower than 4350, with 4831 and RL22 being better.
HOWEVER - with a gas gun the slow powder increases the port pressure and makes the extraction more violent. I suggest you work up a load with RL15, and look for good accuracy and good cycling more than high velocity.
Use a heavy factory crimp, 140 grain bullets preferably FMJ, I started at a minimum load and worked up to a load that would reliably cycle the action and not toss the brass a million miles away and also not tear the brass apart... Hard to get more than a couple of loads out of each piece of brass... I find IMR 4064 good, againg start at the minimum and work up. every rifle is different.
I also tried an adjustable gas system, it's easier to work up a load and keep the rifle original. I have since converted mine back to its original thumb mashing form...
I picked up some Sierra 140gr hpbt and some reloader 15. I think the biggest problem I had yesterday was using twice fired brass, that extractor is pretty rough on the brass. I didn't have any trouble finding it though, flung it about 20 feet forward in the 2'oclock position.