How to demagnetize a steel shaft (1 Viewer)

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How can I demagnetize a steel shaft. Heat is not an option. The shaft is 0.6 inches diameter and 3 feet long.

Note I have seen several devices for sale that seem extremely expensive. Perhaps, if I know what the actual physical process is, then I can just build a device to demagnetize the steel.

Also, I have a magnetometer to measure the after affects of the demagnetization process.

Thanks in advance for any input.
 

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