It is well within the looser tolerances for drawn bar. For diameters from 10mm to 18mm my supplier normally supplies h10 tolerance, ie, a maximum of 0.07mm. Tolerances are always negative, mostly for economic reasons. I've just measured some offcuts of EN3:
1/4" diameter – undersize by 1 thou
1/2" diameter – undersize by 1.5 thou
1" diameter – undersize by 2 thou
I would normally expect drawn bar stock to be 1 to 2 thou undersize. So 4 thou is pushing it a bit, even if still within the limits. Who was the supplier?
Same as ordinary steel silver steel is not always the same. I've bought 1/2" silver steel that was 1 thou undersize. In contrast Coventry Grinders quote a tolerance of ±0.00025" for 1" diameter and smaller.
Andrew