The powder is a yellowish dough. Looks like bread dough. It goes through an extruder that has a bunch of holes the powder dough is pushed through. If it was not cut, it would look like long strands of raw spaghetti.
At the end of the extruder is a spinning cutter. This cuts the strands into kernels.
After cutting the kernals are treated with a surface deterrent (like DNT) tumbled with graphite and dried.
After the powder is made it is tested and rated for speed. The buyer (of all 1 or 2 tons) is told that it is a 4895 powder with a certain speed. The buyer would note "Slow 4895", etc. and develop a load for it.
The buyer has a target velocity that is easy to reach with a suitable powder, so all has has to do is find out how much powder is required to reach that velocity.
Slow 4895 could be used for 308 and 3006, wheres as fast 4895 might get used for 30-30, 303 and 308.
If the powder is very close to the canister spec for 4895, it will get packaged into small containers as canister grade 4895.