To demagnetise tools I have always found it sufficient to give the tool one
or two sharp taps against something solid like the vice on the workbench. I
remembered this from science class in secondary school. I don't know the
mechanism involved but I guess it is that the mechanical shock through the
metal upsets all those magnetic dipoles.
Whatever it is  it works for me. Obviously be careful with those 1mm allen
keys ;-)

John

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