A magnetic transducer element is formed by rotating an integral region of a shaft about an axis in the presence of a magnetic source. An annulus of magnetization results in having its magnetization in the axial direction. The exterior magnetic field emanated by the annulus exhibits respective axial magnetic profiles of its axially and radially directed components which have an axial shift under torque. The direction of profile shift depends on the rotational direction of the shaft while magnetization proceeds. A pair of regions exhibiting opposite shift directions provide signals in which torque-dependent shift is separated from axial displacements of the shaft. An annulus of magnetization may be non-uniform with angle about the shaft axis. Measures to prevent eddy currents generated in the rotting region of the shaft under magnetization are disclosed as we "sweet spots" for sensor placement to mitigate non-uniformity effects.