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My experience with drill rod, at least here in N-AM is they are within the stated tolerance +/- 0.0005" IIR. But they are inevitably eliptical shape which can account for some of this deviation. Lapping it round isnt quite as straightforward unless the process can be guaranteed to remove the hill tops (only). Some of my simple home shop clamshell type lapping tools were not doing this as effectively as I'd hoped (only apparent with an indicating mic).