Kimi Raikkonen beat home crowd favourite Fernando Alonso to the fastest time in the second free practice session at the new Valencia street track.
Until Raikkonen's last gasp lap, Alonso looked set to end the day at the top of the timesheets, having leapt to the front of the field on the supersoft Bridgestones with four minutes remaining, only for the reigning champion to pip him by 0.020 seconds in the closing moments.
Jenson Button took a shock third for Honda, having also put in a last minute soft tyre lap. Felipe Massa (Ferrari) and Lewis Hamilton (McLaren) completed the top five.
After McLaren had led the way for much of first practice, this time it was Ferrari who proved superior for the majority of the afternoon, having put in soft tyre runs relatively early.
With 15 minutes to go, Raikkonen and Massa sat first and second in the order, just 0.001 seconds apart. Alonso and Button briefly disturbed their command of the session, before Raikkonen restored Ferrari's advantage with his final lap.
McLaren had a more conservative afternoon, with Hamilton and Heikki Kovalainen fifth and sixth.
Timo Glock again impressed as he took seventh for Toyota, having earlier run in the top three. Robert Kubica (BMW) and Nelson Piquet (Renault) took eighth and ninth, ahead of a surprise performance by Giancarlo Fisichella.
Both Force Indias had been in the top half of the field for much of the afternoon, with the veteran Italian ultimately taking 10th.
As had been the case in the morning, most of the drivers managed to stay out of trouble despite the circuit's relatively tight confines and its slippery nature.
Many took a trip down the Turn 2 run-off, while Nico Rosberg had the most attention-grabbing incident when he spun his Williams at the final corner and was only narrowly avoided by Mark Webber's Red Bull, shortly after having set an early fastest time while on supersoft tyres.
Pos Driver Team Time Laps 1. Raikkonen Ferrari (B) 1:39.477 30 2. Alonso Renault (B) 1:39.497 + 0.020 39 3. Button Honda (B) 1:39.546 + 0.069 35 4. Massa Ferrari (B) 1:39.678 + 0.201 31 5. Hamilton McLaren-Mercedes (B) 1:39.712 + 0.235 31 6. Kovalainen McLaren-Mercedes (B) 1:39.954 + 0.477 30 7. Glock Toyota (B) 1:39.967 + 0.490 32 8. Kubica BMW Sauber (B) 1:40.149 + 0.672 35 9. Piquet Renault (B) 1:40.439 + 0.962 32 10. Fisichella Force India-Ferrari (B) 1:40.500 + 1.023 23 11. Webber Red Bull-Renault (B) 1:40.585 + 1.108 24 12. Rosberg Williams-Toyota (B) 1:40.607 + 1.130 34 13. Coulthard Red Bull-Renault (B) 1:40.696 + 1.219 23 14. Nakajima Williams-Toyota (B) 1:40.742 + 1.265 34 15. Trulli Toyota (B) 1:40.877 + 1.400 32 16. Vettel Toro Rosso-Ferrari (B) 1:40.982 + 1.505 36 17. Sutil Force India-Ferrari (B) 1:40.999 + 1.522 32 18. Heidfeld BMW Sauber (B) 1:41.084 + 1.607 35 19. Bourdais Toro Rosso-Ferrari (B) 1:41.246 + 1.769 38 20. Barrichello Honda (B) 1:41.377 + 1.900 31