Weld remade around ring for fixing pin (5)
I believe the answer is:
dowel
'fixing pin' is the definition.
(peg for fixing together components of a structure)
'weld remade around ring' is the wordplay.
'remade' is an anagram indicator.
'around' indicates putting letters inside.
'ring' becomes 'o' (letter resembling a ring).
'weld' with letters rearranged gives 'dwel'.
'dwel' enclosing 'o' is 'DOWEL'.
'for' is the link.
(Other definitions for dowel that I've seen before include "Pin that holds two pieces of wood together" , "Cylindrical wooden pin" , "Peg for joining wood" , "Fastening peg for joint" , "Fixing peg" .)