Yes, it basically looks for a spell ID that matches the spell ID in the scrolleffect field of the item, and then uses the mana for that spell to set the price of the item. If there is no matching spell id for the scrolleffect field (such as items that are not scrolls), the price shouldn't be affected by that query. This particular query will update all scrolls at once, but you could specify more stuff in the WHERE clause to limit it in any way you want such as certain item or spell IDs or whatever.
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