Wales finished above Scotland in the Pinatar Cup table after they drew 1-1, Iceland taking top spot with a 5-0 defeat of the Philippines.
Scotland were ahead after just eight 8 minutes, Sophie Howard meeting Erin Cuthbert’s corner with a powerful header.
Wales levelled close to halftime, as Jess Fishlock sent Ceri Holland through for a cool finish.
Scotland’s Fiona Brown was stretchered off before the break, following a collision with Fishlock.
Wales’ Sophie Ingle dragged a great chance wide but made a crucial intervention from a Kirsty Hanson cross.
Lee Gibson spilled a Fishlock free kick but Rachel Rowe was offside on the follow up.
Iceland then needed just a draw with the Philippines to take the title and after Amanda Andradóttir got her second of the game on 51 minutes, Selma Magnúsdóttir, Hlín Eiríksdóttir and Alexandra Jóhannsdóttir added one apiece.