The red stuff is Tacx assembly paste used to increase the friction in component interfaces with carbon tubes so you don't have torque as much. A steerer bung is not the place I would expect to see it as you only need it finger tight anyway so no risk of over doing it. Maybe bung was faulty and somone added the friction paste to try and make it work?
Pull it out and tighten it up and check that it is operating properly. It should easily compress enough that you can't get it into the steerer at all. Lot's of stories of people splitting carbon steerers with over-zealous tightening. It only needs to be tight enough to just stop it pulling out when you adjust the headset cap.
If it's knacked a new one is only £4 or £5, M:Part ones are supposed to be OK and easily available in Evans etc.
The red stuff is Tacx assembly paste used to increase the friction in component interfaces with carbon tubes so you don't have torque as much. A steerer bung is not the place I would expect to see it as you only need it finger tight anyway so no risk of over doing it. Maybe bung was faulty and somone added the friction paste to try and make it work?
Pull it out and tighten it up and check that it is operating properly. It should easily compress enough that you can't get it into the steerer at all. Lot's of stories of people splitting carbon steerers with over-zealous tightening. It only needs to be tight enough to just stop it pulling out when you adjust the headset cap.
If it's knacked a new one is only £4 or £5, M:Part ones are supposed to be OK and easily available in Evans etc.