Raikkonen's time of 1:34.154 was three hundredths of a second quicker than Red Bull's Mark Webber, with his team-mate Sebastian Vettel close behind.
Fernando Alonso was fourth, ahead of Force India's Paul di Resta.
First practice pacesetter Felipe Massa was sixth fastest.
Romain Grosjean was seventh, with Nico Rosberg in eighth. Adrian Sutil and Lewis Hamilton rounded out the top 10.
Neither McLaren driver made it into the top 10, with Jenson Button in eleventh, two places ahead of Sergio Perez.
The only casualty of the session was Esteban Gutierrez, who sustained a puncture after making contact with Caterham's Charles Pic.