Off the point a little, but maybe interesting anyway... when I got my first South Bend heavy 10 back in 1990+-, I got similar rings in the finish when turning a bar. After lots of frustrating attempts to find the culprit, I called South Bend and spoke to an old timer- Mel- who was the guy who tested the lathes before they went out the door. Mel said "yup, it's what we call here a "ring-turner"". He said "they don't know what causes it, but if I ever figure it out, he'd like to know". Well I did figure it out. It was poor HS tool tip shape, height, and finish, any or all at a time. I switched to carbide indexible inserts, which are correct shape and finish of course and never got a ring again.
I guess Mel is gone by now.
I guess I should add that the problem seems to be that the chip starts to form, then welds itself to the work, then breaks off, then the cycle repeats. What I was seeing was the ring of welded broken chips.