Could be, I know water can sometimes get on the top of the lower fork tube if that dust cover seal goes bad. But does it do it while riding or when he comes to a stop or if the bike is just sitting on the kickstand after hes been riding?Is it possible it could be splashing up from the fork tubes? Or some thing from down there?
Your handle bars are steel. Check down where the control wires enter the bars. The chrome is probably pitted causing the discoloration. Hard area to notice let alone keep clean.I clean it off and it comes back, can't tell if it's something from the road spitting up or something dripping down from somewhere, I look arView attachment 74365ound the area and don't see any rust
