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Chu Mu indeed very much wanted to get that Level 3 Wind-element Xuan item, so that he could enhance his Wind-binding Spirit to Low-grade Master level.
But after much thought, Chu Mu felt it would be better to give the Little Demon to Ye Qingzi. The extent of Ye Qingzi's refining was somewhat based on her Soul Sense, and if Ye Qingzi's strength were increased, obtaining Spirit Items would become much easier.
Lord Li appeared to be easy to talk to, but when it came to trading, he was very precise in his calculations. Chu Mu and the others had collected roughly 300 units of Xuan quality, and after trading with Lord Li, about 100 units were left. The value of a Monarch-level Demon Spirit was equivalent to 100 Xuan units, and a Level 3 Wind-element Xuan item would sell for 500 Xuan from Lord Li. The Old City Lord was absolutely unwilling to discount the missing 100-plus Xuan units.