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Below is the SAAMI drawing of the .357 Magnum cartridge, the case is straight sided and the outside manufacturing diameter tolerance is .379 to .373.
The ring on the OPs case is caused by the carbide sizing ring being smaller than the diameter of the case.
As you can see the manufacturing tolerance of the case can vary .006. And the inside diameter of the carbide ring can vary in the sizing die.
The die can be raised upward to not size as far down the case and not size the thicker base section of the case. Meaning there is no point in over sizing the base of the case.
Bottom line it is not a case separation, the ring on the case is where the die stopped sizing the case. And the die has threads and can be adjusted up and down to compensate for variations in case diameter.